Share Option Issue and Confirmation of Change o...
Nostra Terra Oil and Gas Company plc
('NTOG' or the 'Company')
Share Option Issue and Confirmation of Change of Year End
1 February 2008
At a meeting of the Company's Executive Remuneration Committee (the `Committee')
held on 30 January 2008, the Committee approved the award of options (`Options')
under the Company's Directors and Employee Option Scheme in respect of
performance during 2008. It was resolved that:
1) All Options will be issued with an exercise price of 2 pence;
2) All Options will be awarded at the end of 2008 dependant on performance with
the exception of Yura Zvenigordski where the award is to be over a period of 3
years;
3) All Options are to remain exercisable for a period of 7 years from vesting; and
4) All Options would vest on a change of control.
It was resolved that all Directors of the Company be awarded 2,000,000 Options
each in respect of the satisfactory fiduciary and regulatory management of the
Company with performance to be measured through the retention of their services
by the Company as at 31 December 2008.
It was also resolved that the executive management of the Company, being Brian
Courtney, Glenn MacNeil and Neville Desmond Smith (who are all also directors of
the Company) be awarded up to a further 4,000,000 Options each in relation to
operational management achievement. Performance to be measured by the opening of
Wells 24 and 10 with control of Well 1 to be returned to the Company and
production of oil from such wells to have reached minimum targets for vesting as
follows:
(i) 100 boepd to achieve 1,000,000 Options
(ii) 115 boepd to achieve 2,000,000 Options
(iii) 135 boepd to achieve 3,000,000 Options
(iv) 145 boepd to achieve 4,000,000 Options
Oleg Rodkin, who carries on the function of Managing Director Ukraine, has
been awarded up to a maximum of 4,000,000 options in relation to operational
management achievement. Performance to be measured by the opening of Wells 24
and 10 with control of Well 1 to be returned to the Company and production of
oil from such wells to have reached minimum targets for vesting as follows:
(v) 100 boepd to achieve 1,000,000 Options
(vi) 115 boepd to achieve 2,000,000 Options
(vii) 135 boepd to achieve 3,000,000 Options
(viii) 145 boepd to achieve 4,000,000 Options
Yura Zvenigordski, who carries on the function of Managing Director Crimean
Operations, has been awarded 3,600,000 options to secure retention of services
and performance of management responsibilities. Such options to vest in equal
tranches at the end of 2008, 2009 and 2010 respectively. Performance to be
measured through satisfactory completion of internal annual appraisal and
retention of services by the Company at the vesting date.
As per the Company's intention stated in its admission document dated 25 June
2007, the Company has changed its year end from 31 January to 31 December.
For further information contact:
Nostra Terra Oil and Gas Company plc
Brian Courtney, Chief Executive Officer bcourtney@ntog.co.uk
Stephen Oakes, Non-executive Director Tel: +44 (0)207 877 8788
Blomfield Corporate Finance Limited Tel: +44 (0)20 7512 0191
Alan MacKenzie
Ben Jeynes
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