President Energy plc (LON:PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, has confirmed that it has granted options over, in aggregate, 35,000,000 1p Ordinary Shares in the Company to such of its USA and LatAm senior management and employees stated below, all being persons discharging managerial responsibilities.
The new Options set out in the table below for senior management and employees are designed to promote long-term stability and retention among key management as well as providing performance incentive to reward loyalty and long service.
The Options vest in two equal tranches being 12 and 24 months from the date of grant subject always to the relevant persons still being in the employ of the group at the relevant stages and not under notice. Subject to vesting and such conditions being met, the new Options are exercisable for up to six months from the vesting date of each tranche and will lapse if not exercised by such date.
|Name/Position||No of Options||Date of Grant||Vesting Period||Exercise Price per share||Latest time to exercise|
|Jordan Coleman||5,000,000||19/11/2020||12 Months||1 Pence||Six months after vesting period|
|COO LatAm||5,000,000||19/11/2020||24 Months||1 Pence|
|Martin Gee||1,500,000||19/11/2020||12 Months||1 Pence||Six months after vesting period|
|Head of Sub-Surface||2,500,000||19/11/2020||24 Months||1 Pence|
|Claudia Perez||1,500,000||19/11/2020||12 Months||1 Pence||Six months after vesting period|
|CFO Argentina||2,500,000||19/11/2020||24 Months||1 Pence|
|Lucia D’Agostino||1,500,000||19/11/2020||12 Months||1 Pence||Six months after vesting period|
|Legal & Administration Director||2,500,000||19/11/2020||24 Months||1 Pence|
|Diego De La Vega||1,500,000||19/11/2020||12 Months||1 Pence||Six months after vesting period|
|Supply Chain Director||2,500,000||19/11/2020||24 Months||1 Pence|
|Ulises Macagno||1,500,000||19/11/2020||12 Months||1 Pence||Six months after vesting period|
|Commercial Director||2,500,000||19/11/2020||24 Months||1 Pence|
|Scott Daspit||2,500,000||19/11/2020||12 Months||1 Pence||Six months after vesting period|
|Head of Operations USA||2,500,000||19/11/2020||24 Months||1 Pence|
Excluding the new Options, the Company has existing outstanding awards including adjustments for lapsed or cancelled option awards of 23,866,664 representing 1.18% of the Issued Share Capital which in the view of the Directors are very unlikely to be exercised. With the addition of the grant of the new Options contained within this announcement, the total amount of share options granted to management to acquire ordinary shares is in aggregate 58,866,664 representing 2.92% of the Company’s current issued share capital.
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Rio Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, the company has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets in Argentina capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support, including the IFC, part of the World Bank Group as well as the international commodity trader and logistics company Trafigura, an in-country management team as well as a Board whose interests are aligned to those of its shareholders, the company gives UK investors access to the Argentina energy growth story combined with world class standards of corporate governance, environmental and social responsibility.