Business
Share Option Issue and Confirmation of Change o...
Share Option Issue and Confirmation of Change o....
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n Nostra Terra Oil and Gas Company plc\n ('NTOG' or the 'Company')\n\n Share Option Issue and Confirmation of Change of Year End\n\n1 February 2008\n\nAt a meeting of the Company's Executive Remuneration Committee (the `Committee')\nheld on 30 January 2008, the Committee approved the award of options (`Options')\nunder the Company's Directors and Employee Option Scheme in respect of\nperformance during 2008. It was resolved that:\n\n 1) All Options will be issued with an exercise price of 2 pence;\n 2) All Options will be awarded at the end of 2008 dependant on performance with\n the exception of Yura Zvenigordski where the award is to be over a period of 3\n years;\n 3) All Options are to remain exercisable for a period of 7 years from vesting; and\n 4) All Options would vest on a change of control.\n\nIt was resolved that all Directors of the Company be awarded 2,000,000 Options\neach in respect of the satisfactory fiduciary and regulatory management of the\nCompany with performance to be measured through the retention of their services\nby the Company as at 31 December 2008.\n\nIt was also resolved that the executive management of the Company, being Brian\nCourtney, Glenn MacNeil and Neville Desmond Smith (who are all also directors of\nthe Company) be awarded up to a further 4,000,000 Options each in relation to\noperational management achievement. Performance to be measured by the opening of\nWells 24 and 10 with control of Well 1 to be returned to the Company and\nproduction of oil from such wells to have reached minimum targets for vesting as\nfollows:\n\n (i) 100 boepd to achieve 1,000,000 Options\n (ii) 115 boepd to achieve 2,000,000 Options\n (iii) 135 boepd to achieve 3,000,000 Options\n (iv) 145 boepd to achieve 4,000,000 Options\n\nOleg Rodkin, who carries on the function of Managing Director Ukraine, has\nbeen awarded up to a maximum of 4,000,000 options in relation to operational\nmanagement achievement. Performance to be measured by the opening of Wells 24\nand 10 with control of Well 1 to be returned to the Company and production of\noil from such wells to have reached minimum targets for vesting as follows:\n\n (v) 100 boepd to achieve 1,000,000 Options\n (vi) 115 boepd to achieve 2,000,000 Options\n (vii) 135 boepd to achieve 3,000,000 Options\n (viii) 145 boepd to achieve 4,000,000 Options\n\nYura Zvenigords...