REG - Borders & Southern - Grant of Options

Borders and Southern PetroleumAnnouncement

20/02/2024 07:00

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RNS Number : 6844D  Borders & Southern Petroleum plc  20 February 2024

20 February 2024

 

Borders & Southern Petroleum plc

("Borders & Southern" or the "Company")

 

Grant of Employee Share Options

 

Borders & Southern Petroleum plc (AIM: BOR), the London based independent
oil and gas exploration company with assets offshore the Falkland Islands,
announces that the Remunerations Committee has agreed to issue options over a
total of 30,800,000 ordinary shares of 1 pence each in the capital of the
Company at an exercise price of 2.3 pence ("Options"), being the closing
mid-market price on the London Stock Exchange on 19 February 2024. The options
vest on 20 February 2027 and expire on 19 February 2034.

 

 Name           Position                             Number of Options awarded  Total number of options held in the Company
 Harry Baker    CEO (with effect from 1 March 2024)  22,000,000                 22,000,000
 Peter Fleming  CFO                                  8,800,000                  8,800,000

 

The Options represent in aggregate 4.21% of the existing issued ordinary
shares in the capital of the Company and have been issued in line with the
Company's ongoing incentive plans.

 

Harry Dobson, Non-Executive Chairman, said:

 

"The share option scheme was put in place to provide material incentives for
the key executives to successfully execute the Company's business plan.
Given the expiry of the majority of the options under the scheme, the Board
has determined that new incentives should be provided and this award provides
these, aligning the executives' interests with those of shareholders."

 

For further information, please visit www.bordersandsouthern.com
(http://www.bordersandsouthern.com/)  or contact:

 

 Borders & Southern Petroleum plc

 Howard Obee, Chief Executive

 Tel: 020 7661 9348

 SP Angel Corporate Finance LLP (Nominated Advisor and Broker)

 Stuart Gledhill / Richard Hail / Adam Cowl

 Tel: 020 3470 0470

 Tavistock (Financial PR)

 Simon Hudson / Nick Elwes

 Tel: 020 7920 3150

 

Notes to Editors:

Borders & Southern Petroleum plc is an oil & gas exploration company
listed on the London Stock Exchange AIM (BOR). The Company operates and has a
100% interest in three Production Licences in the South Falkland Basin
covering an area of nearly 10,000 square kilometres. The Company has acquired
2,517 square kilometres of 3D seismic and drilled two exploration wells,
making a significant gas condensate discovery with its first well.

 

-ends-

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         1)    Harry Baker

                                                                   2)    Peter Fleming
 2    Reason for the notification

 a)   Position/status                                              1)    CEO (with effect from 1 March 2024)

                                                                   2)    CFO
 b)   Initial notification /Amendment                              Initial Notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Borders & Southern Petroleum plc

 b)   LEI                                                          2138003IZDI5FDRT6348

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary Shares of 1 pence each

      Identification code                                          ISIN: GB00B08F4599

 b)   Nature of the transaction                                    Grant of share options

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     2.3p              22,000,000

                                                                                     2.3p              8,800,000

 d)   Aggregated information

      - Aggregated volume                                          N/A - Single transaction

      - Price

 e)   Date of the transaction                                      19 February 2024

 f)   Place of the transaction                                     London Stock Exchange, AIM

 

 

 

 

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