Europa Oil & Gas (Holdings) Plc Board Reorganisation and Grant of Options
04 Août 2020 - 8:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Board Reorganisation and Grant of Options
Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco focused oil and
gas exploration, development and production company, is pleased to announce
that Mr Simon Oddie has agreed to take on the role of Chief Executive Officer
of the Company on a permanent basis. Concurrently, Mr Oddie is stepping down
from his position as non-executive Chairman of Europa and will be replaced by
senior non-executive Director, Mr Brian O'Cathain. The above changes are
effective immediately.
Background on Simon Oddie
Mr Oddie, who joined the Board as non-executive Chairman in January 2018, was
appointed Interim CEO in November 2019. Simon, an engineer, has more than 40
years of relevant experience as a petroleum engineer, technical consultant,
manager and investment adviser in upstream oil and gas. He has worked with
Schlumberger, ERC Energy Resource Consultants, Enterprise Oil and Gemini Oil
and Gas Advisors LLP.
He was CEO of Enterprise Italy during its first operated exploration drilling
both on and offshore. Simon more recently was the architect of the Gemini Oil
and Gas royalty funds where he established a solid track record in fundraising,
investor relations, and origination, evaluation and execution of oil and gas
deals.
Background on Brian O'Cathain
Mr O'Cathain, who joined the Board as non-executive Director in January 2018,
is a geologist and petroleum engineer with over thirty years' experience in
senior technical and commercial roles in upstream oil and gas exploration and
production companies, including Shell International, Enterprise Oil and Tullow
Oil.
He has experience in working in West Africa, North Africa, onshore Europe and
the North Sea. He was the Chief Executive of Petroceltic International plc from
2007 to 2016. During this period Petroceltic discovered the Ain Tsila gas
condensate field in Algeria, and concluded a nil-premium merger with Melrose
Energy. Prior to this he served as Chief Executive of Afren plc from 2005 to
2007. He served as the Managing Director of Enterprise Oil Ireland at the
sanction of the Corrib Gas Field development.
Grant of Options
The Board of Directors has agreed to issue options over a total of 15,950,000
ordinary shares of 1 pence each in the capital of the Company ('Share Options')
to certain Directors and employees of the Company in recognition of the salary
cuts that the Board and staff have taken in response to the COVID-19 pandemic
and market volatility (see announcement of 20 July 2020 for further details).
For the Board, grants were based on 50% of salary with an assumed exercise
price. Grants to other employees and consultants were determined by a mix of
salary percentage and fixed amounts.
The Share Options, which have an exercise price of 1.23 pence per Ordinary
Share, vest in three equal tranches after each of 12, 24 and 36 months and are
valid until 4 August 2026. Exercise of the Share Options is conditional on the
closing average mid-market price of an Ordinary Share exceeding the exercise
price by two times for 30 consecutive trading days.
The details of the Share Options to be granted are set out below:
Option Holder No of Options Issued
Simon Oddie 8,000,000
Brian O'Cathain 1,750,000
Stephen Williams 1,300,000
Other employees and consultants 4,900,000
Simon Oddie, CEO of Europa, said: "I had no hesitation in taking on the role of
CEO on a permanent basis as I believe Europa is entering an exciting period in
its development, starting with first oil at the Wressle field which is expected
later this year, together with advancing our industry-leading exploration
position in the proven gas play of the Slyne Basin offshore Ireland, and
de-risking the 30 targets we have identified on our large Inzegane permit
offshore Morocco.
"Furthermore, once we see an improvement in market conditions I intend to
resume our efforts to add a third leg to our business by securing a late stage
appraisal project. I look forward to working with Brian in his new capacity
as non-executive Chairman as well as the rest of the Board and management team,
as we look to realise the huge potential of our asset base."
* *S * *
For further information please visit www.europaoil.com or contact:
Simon Oddie Europa + 44 (0) 20 7224
3770
Phil Greenhalgh Europa + 44 (0) 20 7224
3770
Christopher Raggett finnCap Ltd + 44 (0) 20 7220
0500
Simon Hicks finnCap Ltd + 44 (0) 20 7220
0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236
1177
Megan Dennison St Brides Partners Ltd + 44 (0) 20 7236
1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets which includes production, development and exploration
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. In terms of production, in 2019 Europa
produced 91 boepd. Production is set to increase to over 200 boepd in H2 2020
once the Wressle field in the UK, which is currently under development, comes
on stream at a gross rate of 500 bopd.
The Company holds four exploration licences offshore Ireland which have the
potential to host gross mean un-risked prospective resources of 3.9 billion
barrels oil equivalent and 2.7* trillion cubic feet ('tcf') gas (*subject to
regulatory approval for the transfer of FEL 3/19). The Company's flagship
projects offshore Ireland are Inishkea and Edge, two near field gas prospects
in the Slyne Basin which the Company classifies as lower risk
infrastructure-led exploration due to their close proximity to the producing
Corrib gas field and associated gas processing infrastructure. In September
2019, Europa was awarded a 75% interest in the Inezgane permit offshore
Morocco. which contains a number of high-impact prospects and leads, any one of
which could be transformation to the Company if it were to be successful on
drilling.
Details of the person discharging managerial responsibilities /
person closely associated
a) Name Simon Oddie
Reason for the Notification
a) Position/status Chief Executive Officer
b) Initial notification/ Initial notification
Amendment
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Europa Oil & Gas (Holdings) plc
b) LEI 213800JWTCW7TN3WRC06
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 Options over Ordinary shares of 1p
Financial instrument,
type of instrument
Identification code GB00B03CJS30
b) Nature of the Grant of Options
transaction
c) Price(s) and volume(s) Price(s) Volume(s)
1.23p 8,000,000
d) Aggregated information: n/a
e) Date of the transaction 3 August 2020
f) Place of the Off market transaction
transaction
Details of the person discharging managerial responsibilities /
person closely associated
a) Name Brian O'Cathain
Reason for the Notification
a) Position/status Non-Executive Chairman
b) Initial notification/ Initial notification
Amendment
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Europa Oil & Gas (Holdings) plc
b) LEI 213800JWTCW7TN3WRC06
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 Options over Ordinary shares of 1p
Financial instrument,
type of instrument
Identification code GB00B03CJS30
b) Nature of the Grant of Options
transaction
c) Price(s) and volume(s) Price(s) Volume(s)
1.23p 1,750,000
d) Aggregated information: n/a
e) Date of the transaction 3 August 2020
f) Place of the Off market transaction
transaction
Details of the person discharging managerial responsibilities /
person closely associated
a) Name Stephen Williams
Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/ Initial notification
Amendment
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Europa Oil & Gas (Holdings) plc
b) LEI 213800JWTCW7TN3WRC06
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 Options over Ordinary shares of 1p
Financial instrument,
type of instrument
Identification code GB00B03CJS30
b) Nature of the Grant of Options
transaction
c) Price(s) and volume(s) Price(s) Volume(s)
1.23p 1,300,000
d) Aggregated information: n/a
e) Date of the transaction 3 August 2020
f) Place of the Off market transaction
transaction
END
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