RNS Number : 2172A

Europa Oil & Gas (Holdings) PLC

19 January 2024

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

19 January 2024

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

Award & Concurrent Cancellation of Options

Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West Africa focused oil and gas exploration, development, and production company, is pleased to announce an updated enterprise management incentive (EMI) scheme for directors and employees and the concurrent cancellation of certain historical options.

The Board recognises the importance of share options to appropriately incentivise and retain talent, as well as to ensure their interests are aligned with that of the Company and its shareholders. Following a third-party independent review of the Company's remuneration packages by external consultants, the Remuneration Committee of the Board agreed in full with the review's observations that the existing long-term incentive package for employees and directors was no longer appropriate and the board adopted in full its recommendations that it should be replaced to re-align the option scheme with the current strategic focus of the Company.

Accordingly, the Company has cancelled, with mutual agreement and immediate effect, 10,241,000 of existing EMI options over ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") (the "Historical EMI Options") and will cancel the 2,950,000 options held by Brian O'Cathain, following which he will no longer hold any options in the Company.

On 17 January 2024 (the "Grant Date"), under the Company's new EMI scheme, Europa granted a total of 50,000,000 options over Ordinary Shares (the "New EMI Options"), a portion of which are to replace the Historical EMI Options, as detailed in the table below.

                     Number of       Exercise       Number of        Number of    Resultant 
                       New EMI          Price    options held    options being    number of 
                       Options         of New                        cancelled      options 
                       Granted    EMI Options                                          held 
 Brian O'Cathain             0            n/a       2,950,000        2,950,000            0 
                   -----------  -------------  --------------  ---------------  ----------- 
 William Holland    20,000,000          1.075       7,721,000        7,721,000   20,000,000 
                   -----------  -------------  --------------  ---------------  ----------- 
  Stuart            15,000,000          1.075               0                0   15,000,000 
                   -----------  -------------  --------------  ---------------  ----------- 
 Other Employees    15,000,000          1.075      11,800,000        2,520,000   24,280,000 
                   -----------  -------------  --------------  ---------------  ----------- 
 Total              50,000,000            N/A      22,471,000       13,191,000   59,280,000 
                   -----------  -------------  --------------  ---------------  ----------- 

The New EMI Options granted shall vest on the third anniversary of the Grant Date (the "Vesting Date"), expire ten years from the Grant Date, and are subject to a performance condition requiring the volume weighted average share price over the last 20 trading days prior to the Vesting Date to be greater than or equal to 1.25 times the volume weighted average share price over the last 20 trading days prior to the Grant Date.

Following the abovementioned option awards and cancellations, as of 19 January 2024, the Company has a total of 77,609,628 options and warrants outstanding over Ordinary Shares. Of these outstanding options and warrants, 17,064,154 are due to expire, or otherwise be cancelled, before the end of Q1 2024. Consequently, by end Q1 2024 the Company expects to have 60,545,474 options and warrants outstanding, representing 5.93% of the fully diluted share capital.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

For further information, please visit www.europaoil.com or contact:

 William Holland / Louise       Europa Oil & Gas (Holdings)    mail@europaoil.com 
  Armstrong                      plc 
                                Strand Hanson Limited 
 James Dance / James Spinney     - Nominated & Financial       +44 (0) 20 7409 
  / Rob Patrick                  Adviser                        3494 
                                                               +44 (0) 20 7186 
 Peter Krens                    Tennyson Securities             9033 
 Patrick d'Ancona / Finlay                                     + 44 (0) 20 7390 
  Thomson / Kendall Hill        Vigo Consulting                 0230 

Notes to Editors

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development and exploration interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. Average net production for the financial year ending 31 July 2023 was 265 bopd. On 21 December 2023 the Company acquired 42.9% interest in Antler Global, which holds an 80% interest in the EG08 PSC offshore Equatorial Guinea. EG08 contains an estimated gross mean un-risked 1.4 trillion cubic feet ("TCF") gas prospective resources that can be tested with a single well with a 92% chance of success. EG08 is adjacent to the Chevron licence that contains the Alen gas field which is connected via pipeline to the Bioko Island LNG plant. Europa took over operatorship of PEDL343 ("Cloughton") on 27 July 2023 in which Europa holds a 40% interest and contains an estimated 192 billion cubic feet "BCF") of gas in place. Europa holds a 25% interest in P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of the North Sea, which the 2019 Serenity oil discovery. The Company holds one exploration licence offshore Ireland, which has two principal prospects, the largest of which has the potential to host gross mean un-risked prospective resources of 1.5 TCF gas. Inishkea West is a near field gas prospect in the Slyne Basin which the Company classifies as lower risk due to its close proximity to the producing Corrib gas field and associated gas processing infrastructure.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

      Details of the person discharging managerial responsibilities 
 a)   Name                             i) William Holland 
                                        ii) Alastair Stuart 
     ==========================  ================================================== 
      Reason for the notification 
 a)   Position/status                i) Chief Executive Officer 
                                      ii) Chief Operating Officer 
     ==========================  ================================================== 
 b)   Initial notification        Initial notification 
     ==========================  ================================================== 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
 a)   Name                        EUROPA OIL & GAS (HOLDINGS) PLC 
     ==========================  ================================================== 
 b)   LEI                         213800JWTCW7TN3WRC06 
     ==========================  ================================================== 
      Details of the transaction(s): section to be repeated for 
  4    (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          Ordinary Shares of 1p each 
       financial instrument, 
       type of instrument 
       Identification code         GB00B03CJS30 
     ==========================  ================================================== 
 b)   Nature of the transaction   Grant of Options under EMI scheme 
     ==========================  ================================================== 
 c)   Price(s) and volume(s)      Name               Price(s)           Volume(s) 
                                                      1.075 (exercise 
                                   William Holland     price)            20,000,000 
                                                      1.075 (exercise 
                                   Alastair Stuart     price)            15,000,000 
                                                     =================  =========== 
     ==========================  ================================================== 
 d)   Aggregated information 
        *    Aggregated volume                         *    35,000,000 
        *    Price                                        *    N/A 
     ==========================  ================================================== 
 e)   Date of the transaction     17/01/2024 
     ==========================  ================================================== 
 f)   Place of the transaction    Outside a trading venue 
     ==========================  ================================================== 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

January 19, 2024 02:00 ET (07:00 GMT)

Europa Oil & Gas (holdin... (LSE:EOG)
Gráfica de Acción Histórica
De Abr 2024 a May 2024 Haga Click aquí para más Gráficas Europa Oil & Gas (holdin....
Europa Oil & Gas (holdin... (LSE:EOG)
Gráfica de Acción Histórica
De May 2023 a May 2024 Haga Click aquí para más Gráficas Europa Oil & Gas (holdin....