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Xcite Energy Limited (XEL)

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Tuesday 19 August, 2014

Xcite Energy Limited

Award of Options

RNS Number : 4536P
Xcite Energy Limited
19 August 2014
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

TSX-V, LSE-AIM: XEL

 

 

19 August 2014

 

Xcite Energy Limited

("Xcite Energy" or the "Company")

 

Award of Options

 

Xcite Energy announces the award of an aggregate of 6,700,000 options to purchase ordinary shares of the Company to all members of the Xcite Energy Resources plc management team and staff, and to the Board of Directors.

 

The options were granted under the terms of the Company's Share Option Scheme by reference to the closing price on the TSX-V of the Company's ordinary shares on 18 August 2014 and vest immediately. This award is made in recognition of the substantial progress made in 2014 to re-finance the Company, the formation of the Bentley development partner group and the work to define and de-risk the costs and schedule for the field development plan.

 

All options have an exercise price of £0.64 (CAN$1.17) per ordinary share and carry a term of five years from the date of award.

 

Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:

 


Option award now being made

Aggregate ordinary shares under option




Timothy Jones

200,000

790,000

Gregory Moroney

100,000

690,000

Scott Cochlan

100,000

790,000

Henry Wilson

100,000

250,000

Stephen Kew

650,000

4,071,000

Rupert Cole

650,000

4,071,000

Andrew Fairclough

850,000

2,100,000

 

 



 

ENQUIRIES:

 

Xcite Energy Limited


 

 

+44 (0) 1483 549 063

Rupert Cole / Andrew Fairclough






Liberum (Joint Broker and Nomad)

+44 (0) 203 100 2222

Clayton Bush / Tim Graham






Morgan Stanley (Joint Broker)


+44 (0) 207 425 8000

Andrew Foster






Bell Pottinger


+44 (0) 207 861 3232

Mark Antelme / Henry Lerwill






 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.           


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