Anglo African Oil & Gas PLC Management Share Incentive Scheme (3407Z)
14 December 2017 - 7:20PM
UK Regulatory
TIDMAAOG
RNS Number : 3407Z
Anglo African Oil & Gas PLC
14 December 2017
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
14 December 2017
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Management Share Incentive Scheme
Anglo African Oil & Gas plc, an independent oil and gas
developer, announces that the Company's Remuneration Committee has,
after taking external advice, cancelled the Management Incentive
Scheme for senior management as detailed in the Company's Admission
Document and replaced this with a new Management Share Incentive
Scheme (the "New MSIS"). This follows the lapsing of the time for
the registration of the original options. All terms and conditions,
including as to vesting conditions, amounts and exercise price of
the options issued under the New MSIS are identical to those that
were to be issued under the original scheme.
In line with the Management Incentive Scheme at the time of the
Company's Admission to AIM, options issued under the New MSIS will
generally not vest until daily total oil production at the
Company's 56 per cent-owned Tilapia oilfield in the Republic of the
Congo reaches certain production milestones measured over a
consecutive 30-day period: one-third at 1,000 bopd; one-third at
2,500 bopd; one-third at 5,000 bopd.
It is intended that, as far as possible, options will be granted
as enterprise management incentive ("EMI") options within Schedule
5 to the Income Tax (Earnings and Pensions) Act 2003. EMI options
have potential tax advantages for both employer and employee.
In respect of the Directors of the Company, below are details of
the existing options that will lapse and the replacement option
awards under the New MSIS:
MSIS options New MSIS options
at Admission
================ ===================== =====================
Name No. of Exercise No. of Exercise
options price options price
================ ========== ========= ========== =========
David Sefton 3,189,033 20p 3,189,033 20p
================ ========== ========= ========== =========
Alex MacDonald 3,189,033 20p 3,189,033 20p
================ ========== ========= ========== =========
Oleg Schkoda 3,189,033 20p - -
================ ========== ========= ========== =========
James Cane: 2,698,412 20p 2,698,412 20p
================ ========== ========= ========== =========
The total number of options awarded to the directors will reduce
from 12,265,511 to 9,076,478 under the New MSIS.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.aaog.co or contact:
Anglo African Oil & Gas plc Tel: c/o St
Brides Partners
+44 20 7236
1177
David Sefton, Executive Chairman
finnCap Ltd (Nominated Adviser Tel: +44 20
and Broker) 7220 0500
Christopher Raggett, Giles Rolls,
Anthony Adams (Corporate Finance)
Emily Morris (Corporate Broking)
St Brides Partners (Financial PR) Tel: +44 20
7236 1177
Frank Buhagiar, Olivia Vita
Notes to Editors
Anglo African Oil & Gas plc (AAOG) is an AIM-listed
independent oil and gas company that owns a 56 per cent stake in
the producing Tilapia oil field in the Republic of the Congo. The
Company boasts a low-cost production story in a prolific
hydrocarbon region with significant exploration upside,
differentiating it substantially from its E&P peers.
Additionally, management's remuneration is tied to hitting
production milestones, reflecting their strong focus on cost
control.
Tilapia has an excellent address, being located close to
multi-billion-barrel fields that include the ENI-operated
Litchendjili field and the 5,000bopd Minsala Marine field. Tilapia
currently produces approximately 40.25 bopd from two near-surface
intervals. It has an undeveloped discovery in the lower Mengo sands
with gross contingent resources of 8.1m barrels and a deeper
exploration prospect, with gross prospective resources of 58.4m
barrels, in the productive Djeno interval from which the adjacent
Minsala field produces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCTIBPTMBBBMPR
(END) Dow Jones Newswires
December 14, 2017 03:20 ET (08:20 GMT)
Anglo African Oil & Gas (LSE:AAOG)
Historical Stock Chart
From Apr 2024 to May 2024
Anglo African Oil & Gas (LSE:AAOG)
Historical Stock Chart
From May 2023 to May 2024