26 July 2006
Lansdowne Oil & Gas plc (“Lansdowne” or “the Company”)
Adoption of Share Option Scheme and grant to Director
The Directors of Lansdowne announce that they approved the adoption of a new Share Option Scheme (“the Scheme”) earlier today. The principal terms are as follows:
- All employees and Directors (but not non-executive directors) are eligible for the scheme but must be eligible at time of grant and at the time of exercise except in certain circumstances including death, redundancy or retirement at normal retirement age;
- Individual limit under the Scheme in 12 month period prior to date of grant of one times annual remuneration (including bonus but excluding benefits in kind);
- Exercise period between three and ten years after date of grant;
- Exercise price to be not less than market value at date of grant;
- Remuneration Committee to set relevant performance criteria;
- Options to be granted in 42 day period following adoption of the Scheme, the announcement of interim and preliminary results and any date the Board resolves that special circumstances exist; and
- Scheme limit five per cent. of issued share capital from time to time.
In addition, under the Scheme the Company may grant “super” options which can be exercised between five and ten years from date of grant. The performance criteria for “super” options must be more demanding than standard options. The Scheme allows a further five per cent. of issued share capital from time to time to be granted by way of “super” options i.e. the overall Scheme limit is 10 per cent. of issued share capital from time to time.
The Directors also announce that it has granted today, share options to Steve Boldy, Chief Executive Officer over 200,000 Ordinary Shares at an exercise price of 85p per share, which is equivalent to the flotation price, subject to certain performance targets being met. Following the award of these options, Dr Boldy has a total holding of 200,000 options and 32,660 Ordinary Shares, representing 0.16 per cent of the issued share capital of the Company.
The Board considered it appropriate that Dr. Boldy should be awarded the aforesaid options prior to the commencement of the drilling of the well on the Inishbeg Prospect in the Donegal Basin, which is now expected in mid to late August.
Enquiries:
Lansdowne Oil & Gas plc
62 Queen’s Road
Aberdeen
AB15 4YE
United Kingdom
Tel: +44 1224 352 200
Fax: +44 1224 352 211
