October 11, 2005 05:07 ET

Cardinal Resources plc Grants Share Options

LONDON -- (MARKET WIRE) -- October 11, 2005 --

Cardinal Resources plc (AIM: CDL), an independent oil and gas exploration and production company, today announces that its Board of Directors has granted share options to Directors and employees in recognition of the progress Cardinal has made on executing its strategy to increase the Company's asset base in Ukraine, as set out at the time of its admission to AIM.

Directors and employees will have the right to purchase up to an aggregate of 2,330,000 ordinary shares at an exercise price of 32p per ordinary share, exercisable until 11th October 2010. The average closing price of Cardinal's shares for the previous three business days was 30p. The options vest as to 1/3 on 11th October 2006, 2007 and 2008. The options have been granted in accordance with the terms and conditions of the existing Share Option Scheme approved by shareholders on 9th March 2005.

The number of options granted to Cardinal's Directors is detailed below. The remaining options have been granted to seven additional employees. Cardinal will continue to issue options to motivate employees and ensure that they participate in the value enhancement of the Company along with its shareholders.

Director                                     Number of Options

Robert J. Bensh
Chairman and Chief Executive Officer         600,000

Charles C. Green
Vice-Chairman and Chief Financial Officer    400,000

Jonathan C.R. Morley-Kirk
Non-Executive Director                       30,000

David F. Phillips
Non-Executive Director                       30,000

Marcus J.G. Stanton
Non-Executive Director                       30,000
Before the current grants, a total of 8,325,000 options were held by Directors and employees under the existing scheme.

Cardinal Resources plc

Cardinal Resources plc is an independent oil and gas exploration and production company with assets in Ukraine. Cardinal is an experienced operator with near-term opportunity to significantly expand existing operations through farm-ins or acquisitions of additional oil and gas assets accretive to reserves and production.

Contact Information

  • Contact:
    Kate Spiro
    Director, Investor Relations
    Email Contact
    +44 (0) 20 7936 5258