5 March 2009 - Issue of Options
Press Release
For immediate release: 5 March 2009
EnCore Oil plc (“the Company”)
Issue of Options
EnCore Oil plc (LSE: EO.) announces that on 4 March 2009 it issued options over the Company’s ordinary shares of 5p each to directors and members of staff.
The following options were issued to directors:
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Name
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No. of options granted
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Alan Booth, Chief Executive
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1,400,000
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Eugene Whyms, Finance Director
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1,400,000
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Graham Doré, Exploration Director
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1,250,000
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Michael Lynch, Chairman
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250,000
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Christine Wheeler, Non-Executive Director
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250,000
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In addition, the Company issued options to staff in respect of 4,550,000 ordinary shares.
All of the options have been issued under the EnCore Oil plc Share Option Plan 2006 and become exercisable in three equal tranches on the first, second and third anniversaries of the date of grant at an exercise price of 8.5 pence per share. If not previously exercised, the options would lapse on the fifth anniversary of the date of grant.
Following this grant, the total number of options in issue is 26,306,668, representing 8.56 per cent. of the issued capital of 307,360,839 ordinary shares.
For further information, please contact:
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EnCore Oil plc
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Alan Booth, Chief Executive Officer
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+44 (0)20 7224 4546
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Eugene Whyms, Chief Financial Officer
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Yvonne Fraser, Investor Relations Manager
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+44 (0)7957 241 408
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Aquila Financial Limited
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Peter Reilly
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+44 (0) 118 979 4100
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Hanson Westhouse Limited
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Tim Feather
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+44 (0)113 246 2610
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KBC Peel Hunt
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Jonathan Marren
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+44 (0)20 7418 8900
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Notes to Editors:
EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.
It is not the Company's aim to build a full cycle E&P company. The principal strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries. The Company will seek to monetise or exchange the asset at the appropriate point in its life cycle and return value directly to shareholders wherever possible.
EnCore has an experienced and proven management team, a number of whom were responsible for the discovery of the Buzzard field in the UK North Sea, which currently produces over 10 per cent. of the UK's total oil production.
All EnCore's commercial and material technical evaluations are undertaken in-house by the EnCore team. This brings both continuity to the management and development of the assets and an ownership that is vital to unearth the best and most creative new ideas and opportunities.
EnCore currently holds a balanced portfolio of interests in licences both on and offshore, primarily focused on the UKCS.
Thursday, March 05, 2009
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