15 July 2024
AFENTRA PLC
Grant of Non-Executive Director Share Options, and
Executive Director - Long Term Incentives Plan (LTIP) Award
Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, has conditionally granted, under the Executive Directors Long-Term Incentive Scheme, new ordinary shares in the Company in the form of nil-cost share options and has granted options over new ordinary shares to its Non-Executive Directors at an exercise price of 57.40 pence per Ordinary Shares.
Both, the Executive Director Long Term Incentive Scheme and Non-Executive Director Market Value Options were approved by the shareholders at the Company's Annual General Meeting on 27 June 2024.
Grant of Non-Executive Director Share Options
The Non-Executive Director Market Value Options are a one-off award of market value share options which will vest in a single tranche three years from grant. Once vested, the Options will normally remain exercisable until the 10th anniversary of the grant.
| Name
| Position | Number of Options Granted
|
| Jeffrey MacDonald | Independent non-executive Chairman | 1,500,000 |
| Thierry Tanoh | Independent non-executive Director | 1,500,000 |
| Gavin Wilson | Independent non-executive Director | 1,500,000 |
Executive Director Long Term Incentives Award
Following a review of Executive Director long-term incentive provision to ensure individuals are appropriately incentivised over the next three years to 2027 and thereafter the Remuneration Committee has concluded that a conventional LTIP should be operated for Executive Directors going forward. Vesting of the Awards is determined by the Company's Total Shareholder Return ('TSR').
The following Directors of the Company have been granted conditional share awards under the Company's LTIP:
| Name of PDMR | Title | Maximum number of Ordinary Shares (Total Award) |
| Paul McDade | Chief Executive Officer | 1,453,287 |
| Ian Cloke | Chief Operating Officer | 887,543 |
| Anastasia Deulina | Chief Financial Officer | 887,543 |
For further information contact:
Afentra plc +44 (0)20 7405 4133
Paul McDade, CEO
Anastasia Deulina, CFO
Buchanan (Financial PR) +44 (0)20 7466 5000
Ben Romney
Barry Archer
George Pope
Peel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20 7418 8900
Richard Crichton
David McKeown
Emily Bhasin
Tennyson Securities (Joint Broker) +44 (0)20 7186 9033
Peter Krens
About Afentra
Afentra plc (AIM:AET) is an upstream oil and gas company focused on opportunities in Africa. The Company's purpose is to support a responsible energy transition in Africa by establishing itself as a credible partner for divesting IOCs and Host Governments. Offshore Angola Afentra has a 30% non-operated interest in the producing Block 3/05 and a 21.33% non-operated interest in the adjacent development Block 3/05A in the Lower Congo Basin and a 40% non-operating interest in the exploration Block 23 in the Kwanza Basin. Afentra has a 34% carried interest in the Odewayne Block onshore southwestern Somaliland.
Inside Information
This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Afentra is Paul McDade, Chief Executive Officer.
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