United Oil & Gas Plc, the AIM traded oil and gas exploration, development and production company, announces the award of options (the “Options”) over a total of 14,767,500 new ordinary shares in the capital of the Company (“Ordinary Shares”) to Directors of United on the following terms:
(a) an exercise price of 4 pence;
(b) date of grant: 17 June 2020;
(c) a vesting period of three years from the date of granting; and
(d) expiry date of 16 June 2030.
The Options represent, in aggregate, approximately 2.39 per cent. of the existing issued share capital of the Company. Following the issue, the Company has a total of 37,612,626 options outstanding, representing approximately 6.07 per cent. of the existing issued share capital of the Company.
These are the first stock options granted to most Directors since 2018. Granting these Options will bring the Executive Directors closer to their peer group in terms of remuneration, in the most cost-effective way possible for the business.
Following the award of these Options, the Directors hold the following Options:
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).
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