Tethys Petroleum : Issuance of Shares and Grant of Options
January 24, 2015 at 12:39 am IST
Share
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Jan 23, 2015) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) (LSE:TPL) announces the issuance of shares and the grant of options under the Company's Long-Term Share Incentive Plan ("LTSIP").
Issuance of shares
In accordance with the provisions of the UK Listing Rules and Disclosure and Transparency Rule 3.1.2R ("DTR 3"), the Company announces that it has today issued 90,478 restricted ordinary shares to its Executive Chairman, John Bell as part of his salary since being appointed on 26 November 2014.
Under the terms of the service contract entered into between a subsidiary of the Company and John Bell, during the first year of his service, 30% of John Bell's salary shall be paid in restricted ordinary shares in the Company. These restricted ordinary shares shall rank pari passu to other ordinary shares in Tethys (and shall not represent a separate class of shares of Tethys) but are subject to certain contractual restrictions, including that they may not be transferred for a period of one year from the date of John Bell's appointment, subject to certain exempt circumstances resulting in early release. The total number of restricted ordinary shares that may be issued to John Bell as part of his salary during the first year of service (being up to 507,719 ordinary shares representing approximately 0.15% of the Company's issued share capital) has been calculated by reference to a price of 16.84p, being the average closing price of ordinary shares of Tethys during the 15 days prior to the date of his appointment.
Application has been made for such restricted ordinary shares to be admitted to the Official List of the UK Financial Conduct Authority and to trading on the London Stock Exchange. Following the issuance of these restricted ordinary shares John Bell will hold interests in a total of 90,478 ordinary shares in the Company, representing approximately 0.03% of the Company's issued share capital.
Full details of John Bell's remuneration will be provided in the Management Information Circular that will be published in connection with the Company's forthcoming annual general meeting.
Grant of options pursuant to the LTSIP
The Company announces in accordance with the provisions of DTR 3 that each of the persons set out below, each being a Person Discharging Managerial Responsibility ("PDMR") of the Company (and together representing all of the PDMRs of the Company for the purposes of DTR 3), has today been granted the following options over ordinary shares of US$0.10 each in the capital of the Company pursuant to the LTSIP:
Name of PDMR
Number of ordinary shares over which options granted
Exercise price (GBP)
Vesting
Expiry date
John Bell
1,000,000
16.84p
23 January 2015
25 November 2019
1,350,000
15p
1/3 on 22 January 2016
1/3 on 22 January 2017
1/3 on 22 January 2018
22 January 2020
Julian Hammond
1,125,000
15p
Denise Lay
900,000
15p
David Botting
247,500
15p
James Rawls
247,500
15p
David Henderson
247,500
15p
Marcus Rhodes
247,500
15p
David Roberts
247,500
15p
As a result of the above, the PDMRs hold options over the following (aggregate) numbers of ordinary shares of the Company:
Name of PDMR
Aggregate number of ordinary shares over which options granted
Percentage of total issued ordinary shares of the Company
Tethys Petroleum Limited is an oil and gas exploration and production company focused on Central Asia and the Caspian Region with projects in Kazakhstan. Through its subsidiaries, TethysAralGas LLP and Kul-Bas LLP, it operates over four contracts in the North Ustyurt basin to the west of the Aral Sea adjacent to the prolific Pre-Caspian basin. It has a 100% working interest in the Kyzyloi Production Contract (449 square kilometers (km2)), Akkulka Exploration License and Contract (827 km2), Akkulka Production Contract (396 km2) and Kul-Bas Exploration and Production Contract (7,632 km2). The Kul-Bas exploration and production contract area surrounds the Akkulka block, which has an exploration area of over 7,632 km2. Kyzyloi and Akkulka gas development fields are tied into the Bukhara-Urals gas pipeline by an over 56-kilometer pipeline owned and built by the Company. The Doris oil field provides over two oil-bearing zones, the lower zone and an upper, lower cretaceous sandstone zone.