Bahamas Petroleum: Grant of share options

Tuesday, April 3, 2012
  • 10 million share options become exercisable on (a) the conclusion of a suitable farm in agreement to allow the drilling of a well or (b) the securing of independent finance for the drilling of a well.
  • The options become exercisable in the event of a corporate sale of the Company at a price per share equal to or exceeding 37.5 pence.
  • 4 million share options become exercisable on (a) the conclusion of a suitable farm in agreement to allow the drilling of a well or (b) the securing of independent finance for the drilling of a well.

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, announces that, on 2 April 2012, the remuneration committee of the Company approved the grant of options over ordinary shares of 0.002 pence each in the share capital of the Company ("Ordinary Shares") to certain directors and employees of the Company (the "Options") as follows:

Simon Potter, Chief Executive Officer and a director of the Company, has been awarded 15 million share options on the following terms:

  • 10 million share options become exercisable on (a) the conclusion of a suitable farm in agreement to allow the drilling of a well or (b) the securing of independent finance for the drilling of a well.
  • 5 million share options become exercisable on the spudding of a well.
  • In the event of a change of control of the Company, demotion of Mr Potter or termination of Mr Potter on grounds of incapacity then all 15 million options become exercisable.
  • The options have an exercise price of 18.75 pence each.
  • The options expire on 2 April 2017.

In addition to the above, Simon Potter has been awarded a further 20 million options on the following terms:

  • The options become exercisable in the event of a corporate sale of the Company at a price per share equal to or exceeding 37.5 pence.
  • The options have an exercise price of 18.75 pence
  • The options expire on 2 April 2017.

Ross McDonald, a non-executive director of the Company, has been awarded 1 million share options. The Options expire on 2 April 2017 and will become exercisable once the share price of the Company reaches 18.75 pence. The Options are exercisable at a price of 7.4 pence.

Paul Gucwa, Chief Operating Officer of the Company, has been awarded 12 million share options on the following terms:

  • 4 million share options become exercisable on (a) the conclusion of a suitable farm in agreement to allow the drilling of a well or (b) the securing of independent finance for the drilling of a well.
  • 4 million share options become exercisable on the spudding of a well.
  • 4 million share options become exercisable in the event of a corporate sale of the Company at a price per share equal to or exceeding 37.5 pence.
  • The options have an exercise price of 18.75 pence each.
  • The options expire on 2 April 2017.

Following the grant of options on 2 April 2012, there are now in total 69,500,000 options over Ordinary Shares outstanding, representing 5.65% per cent of the shares currently in issue.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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