20 February 2024
Borders & Southern Petroleum plc
("Borders & Southern" or the "Company")
Grant of Employee Share Options
Borders & Southern Petroleum plc (AIM: BOR), the London based independent oil and gas exploration company with assets offshore the Falkland Islands, announces that the Remunerations Committee has agreed to issue options over a total of 30,800,000 ordinary shares of 1 pence each in the capital of the Company at an exercise price of 2.3 pence ("Options"), being the closing mid-market price on the London Stock Exchange on 19 February 2024. The options vest on 20 February 2027 and expire on 19 February 2034.
| Name | Position | Number of Options awarded | Total number of options held in the Company |
| Harry Baker | CEO (with effect from 1 March 2024) | 22,000,000 | 22,000,000 |
| Peter Fleming | CFO | 8,800,000 | 8,800,000 |
The Options represent in aggregate 4.21% of the existing issued ordinary shares in the capital of the Company and have been issued in line with the Company's ongoing incentive plans.
Harry Dobson, Non-Executive Chairman, said:
"The share option scheme was put in place to provide material incentives for the key executives to successfully execute the Company's business plan. Given the expiry of the majority of the options under the scheme, the Board has determined that new incentives should be provided and this award provides these, aligning the executives' interests with those of shareholders."
For further information, please visit www.bordersandsouthern.com or contact:
| Borders & Southern Petroleum plc Howard Obee, Chief Executive Tel: 020 7661 9348
|
| SP Angel Corporate Finance LLP (Nominated Advisor and Broker) Stuart Gledhill / Richard Hail / Adam Cowl Tel: 020 3470 0470
Tavistock (Financial PR) Simon Hudson / Nick Elwes Tel: 020 7920 3150 |
Notes to Editors:
Borders & Southern Petroleum plc is an oil & gas exploration company listed on the London Stock Exchange AIM (BOR). The Company operates and has a 100% interest in three Production Licences in the South Falkland Basin covering an area of nearly 10,000 square kilometres. The Company has acquired 2,517 square kilometres of 3D seismic and drilled two exploration wells, making a significant gas condensate discovery with its first well.
-ends-
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name | 1) Harry Baker 2) Peter Fleming | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status | 1) CEO (with effect from 1 March 2024) 2) CFO | |||
| b)
| Initial notification /Amendment | Initial Notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name | Borders & Southern Petroleum plc | |||
| b)
| LEI | 2138003IZDI5FDRT6348
| |||
| 4
| Details of the transaction(s): section to be repeated for (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 financial instrument, type of instrument | Ordinary Shares of 1 pence each | |||
| | | ||||
| Identification code | ISIN: GB00B08F4599
| ||||
| | | ||||
| b)
| Nature of the transaction | Grant of share options | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | 2.3p 2.3p
| 22,000,000 8,800,000 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| | | ||||
| - Aggregated volume | N/A - Single transaction | ||||
| | | ||||
| - Price | | ||||
| | | ||||
| e)
| Date of the transaction
| 19 February 2024 | |||
| f)
| Place of the transaction
| London Stock Exchange, AIM | |||
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