SOURCE: Xcite Energy Ltd

August 19, 2014 02:00 ET

Xcite Energy Limited Announces Award of Options

ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - Aug 19, 2014) - Xcite Energy Limited (TSX VENTURE: XEL) (LSE: XEL)

TSX-V: XEL; LSE: XEL

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

19 August 2014

Xcite Energy Limited
("Xcite Energy" or the "Company")

Award of Options

Xcite Energy announces the award of an aggregate of 6,700,000 options to purchase ordinary shares of the Company to all members of the Xcite Energy Resources plc management team and staff, and to the Board of Directors.

The options were granted under the terms of the Company's Share Option Scheme by reference to the closing price on the TSX-V of the Company's ordinary shares on 18 August 2014 and vest immediately. This award is made in recognition of the substantial progress made in 2014 to re-finance the Company, the formation of the Bentley development partner group and the work to define and de-risk the costs and schedule for the field development plan.

All options have an exercise price of £0.64 (CAN$1.17) per ordinary share and carry a term of five years from the date of award.

Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:

         
    Option award now being made   Aggregate ordinary shares under option
         
Timothy Jones   200,000   790,000
Gregory Moroney   100,000   690,000
Scott Cochlan   100,000   790,000
Henry Wilson   100,000   250,000
Stephen Kew   650,000   4,071,000
Rupert Cole   650,000   4,071,000
Andrew Fairclough   850,000   2,100,000
         

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

This information is provided by RNS
The company news service from the London Stock Exchange

Contact Information

  • ENQUIRIES:

    Xcite Energy Limited
    +44 (0) 1483 549 063
    Rupert Cole / Andrew Fairclough

    Liberum (Joint Broker and Nomad)
    +44 (0) 203 100 2222
    Clayton Bush / Tim Graham

    Morgan Stanley (Joint Broker)
    +44 (0) 207 425 8000
    Andrew Foster

    Bell Pottinger
    +44 (0) 207 861 3232
    Mark Antelme / Henry Lerwill