Information  X 
Enter a valid email address

Novera Energy Ltd (NVE)

  Print      Mail a friend

Wednesday 19 July, 2006

Novera Energy Ltd

Long Term Incentive Plan

Novera Energy Ltd
19 July 2006

                                                                    19 July 2006

                               Novera Energy Limited

                              Long Term Incentive Plan

Novera Energy Limited (the 'Company') announces that the first awards have been
made to employees under the recently adopted Novera Energy Limited Long-Term
Share Incentive Plan 2006 (the 'Plan').  Awards under the Plan take the form of
an opportunity to receive shares in the Company if and to the extent that
certain performance conditions measured over a three year performance period are
satisfied.  The performance conditions are based on the Company's performance in
terms of the total shareholder return over the period from 1 January 2006 to 31
December 2008 and the net operating cash flow for the financial year ending
2008. The performance criteria are onerous and require the Company to achieve a
total shareholder return in the top 10% of the FTSE SmallCap Index during the
performance period for the maximum number of shares to be awarded.

Awards have been made to employees which if vesting in full would lead to those
employees becoming entitled to a maximum of 1,811,250 ordinary shares in the
Company.  Included in this figure is an award to David Fitzsimmons, Chief
Executive Officer of the Company, of a maximum of 787,500 ordinary shares in the

                                    -ends -


For further information:

 Novera Energy Limited                               Hudson Sandler
 David Fitzsimmons, Chief Executive                  Nick Lyon
 Rory Quinlan, Chief Financial Officer               Tel: +44 20 7796 4133
 Tel:  +44 20 7845 9720

                      This information is provided by RNS
            The company news service from the London Stock Exchange