Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas 4 April 2013 Northcote Energy Ltd (`Northcote' or `the Company') Grant of Options Northcote, an onshore US oil and gas exploration and production company, announces that, in accordance with the intention set out in the AIM Admission Document of 20 December 2012, the Remuneration Committee has determined the grant of options over a total of 49,000,000 Ordinary Shares in the Company to Directors. These options vest in three tranches and, subject to certain performance conditions, are exercisable at prices of 1.75p, 2.25p and 3.25p, compared to the mid-market price per Ordinary Share on AIM at the close of business on 3 April 2013 of 1.48p. The Directors have been awarded options in three tranches as follows: Name Tranche 1 Tranche 2 Tranche 3 Total number Expiry of options (Exercise (Exercise (Exercise price: price: price: 1.75p) 2.25p) 3.25p) Randall - 3,500,000 3,500,000 7,000,000 5 April 2018 Connally Ross Warner - 3,500,000 3,500,000 7,000,000 5 April 2018 Kevin 6,000,000 3,500,000 3,500,000 13,000,000 5 April 2018 Green Daniel 4,500,000 3,500,000 3,500,000 11,500,000 5 April 2018 Jorgensen Charles 3,500,000 3,500,000 3,500,000 10,500,000 5 April 2018 Wood ========== ========== ========== =========== 14,000,000 17,500,000 17,500,000 49,000,000 A Tranche 1 vests after 31 December 2013 on the condition that the Director is employed at the vesting date, and that daily production is greater than 100 barrels of oil per day net production to Northcote (`boed'); B Tranche 2 vests after 31 December 2013 on the condition that the Director is employed at the vesting date, and that daily production is greater than 250 boed; and C Tranche 3 vests after 30 June 2013 on the condition that the Director is employed at the vesting date, and that daily production is greater than 400 boed. In aggregate, the 49,000,000 options to Directors represent approximately 4.9% of the current issued share capital of the Company. **ENDS** For further information and the full Admission Document visit www.northcoteenergy.com, see below or contact the following: Randy Connally Northcote Energy Ltd +01 214 675 7579 Ross Warner Northcote Energy Ltd +44 7760 487 769 Dan Jorgensen Northcote Energy Ltd +44 (0) 20 7024 8391 Roland Cornish Beaumont Cornish Ltd +44 (0) 20 7628 3396 Jerry Keen Shore Capital Stockbrokers +44 (0) 20 7408 4090 Limited Bidhi Bhoma Shore Capital Stockbrokers +44 (0) 20 7408 4090 Limited Hugo de Salis St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Elisabeth Cowell St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Notes: Northcote Energy Ltd is a revenue generative US onshore oil and gas production company focussed on the rapidly emerging Mississippi Lime formation in Oklahoma. The Company participates with leading operators, including Midstates Petroleum and Chesapeake Energy, in low risk development plays where advanced techniques, such as horizontal drilling and fracing, are used to unlock known oil accumulations and dramatically improve recovery rates. Management is focused on increasing production through a multi-well drilling and fracing campaign in 2013. END -0- Apr/04/2013 09:45 GMT
U.K. July Retail Sales Rise 0.1%; Median Estimate 0.4% Increase
NORTHCOTE ENERGY LIMITED: Grant of Options
Press spacebar to pause and continue. Press esc to stop.