REG - Petro Matad Ltd - Award of New Options

Petro MatadAnnouncement

31/05/2023 07:00

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RNS Number : 0493B  Petro Matad Limited  31 May 2023

 

31 May 2023

Petro Matad Limited

("Petro Matad" or the "Company")

Award of New Options

 

The Board of Petro Matad announces the grant of options ("New Options") to
employees of Petro Matad under the Company's Long Term Equity Incentive Plan,
following a review by the Board on the need to incentivize and retain
employees and the passing of a Board resolution on 29 May 2023. The Company
has not granted any options since 2013 however the Board views it appropriate
to reinstate the issue of options as an appropriate measure to motivate
employees.

 

The Board has approved the issue of an aggregate of 12,147,000 New Options at
an exercise price of 4.8 pence per ordinary share, as determined by the market
value on date of grant and the 90 preceding trading day average of the market
value of the shares on AIM immediately preceding 29 May 2023, being the date
of grant.  The vesting terms of the New Options are that; 33 per cent. shall
vest on the first of anniversary of the date of grant, 33 per cent. on the
second anniversary of the date of grant and 34 per cent. on the third
anniversary of grant.

 

No New Options are being granted to directors.

 

Further information please contact:

 Petro Matad Limited
 Mike Buck, CEO                                     +976 7014 1099 / +976 7575 1099
 Shore Capital (Nominated Adviser and Joint Broker)
 Toby Gibbs                                         +44 (0) 20 7408 4090

 John More

 Rachel Goldstein

 Zeus Capital Limited (Joint Broker)

 Simon Johnson                                      +44 (0) 20 7614 5900

 Louisa Waddell
 FTI Consulting (Communications Advisory Firm)
 Ben Brewerton                                      +44 (0) 20 3727 1000

 Christopher Laing

About Petro Matad

Petro Matad is the parent company of a group focussed on oil exploration, as
well as future development and production in Mongolia. At the current time,
Petro Matad holds 100% working interest and the operatorship of two Production
Sharing Contracts with the Government of Mongolia. Block XX has an area of 218
square kilometres in the far eastern part of the country and Block V has an
area of 7,937 square kilometres in the central western part of the country.

Petro Matad Limited is incorporated in the Isle of Man under company number
1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle
of Man, IM1 1EQ.

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