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Enegi Oil Plc is an independent oil and gas company. Current operations are focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada and the Clare Basin in County Clare, Ireland.
The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum...Read more
RNS Release - Issue of Warrants
ENEGI OIL PLC
AIM ticker: 'ENEG'
OTC ticker: 'EOLPF'
29 February 2012
Enegi Oil Plc
('Enegi' or 'the Company')
Issue of Warrants
The Company announces that it has issued warrants in respect of 2,500,000 ordinary shares in the Company (the "Warrants") to individual staff of Risk Management Research Institute (RMRI) Limited ("RMRI").The Warrants, which have a strike price of 25 pence per ordinary share, will vest over a period of two years beginning September 2012 and will be exercisable at any time prior to the expiry of 36 months after they have vested.
Enegi entered into a consultancy agreement with RMRI on 1 October 2007 (the "Consultancy Agreement") pursuant to which RMRI and its associate companies, some of which are controlled by Alan Minty, Chairman and Chief Executive of the Company, have provided services to Enegi, including geological, financial, legal and administrative services. The terms of the Consultancy Agreement were outlined in paragraph 11.11.13 of Part V of the Company's Admission Document. The rates charged by RMRI for these services have been consistently lower than their normal consultancy rate. Accordingly, in order to incentivise RMRI staff for the loss of partnership earnings within the RMRI Group, the Company has decided to issue the Warrants to the staff providing these services. The Warrants are not being issued to the shareholders in RMRI.
Alan Minty, CEO
Tel: +44 161 817 7460
David Parry, Director
Tel: +1 604 568 0733
Cenkos Securities plc
Tel: +44 207 397 8900
Tel: +44 131 200 9771
Tel: + 44 207 457 2020
Enegi Oil Plc is an independent oil and gas company. Current operations are focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada and the Clare Basin in County Clare, Ireland. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas.
This information is provided by RNS