United Oil & Gas plc has awarded an aggregate 332,361,111 share options, valid for 10 years, under its updated unapproved share option scheme, as announced in September.
PDMRs
A total of 100,416,666 share options, representing 2.47% of the company’s current issued share capital, were awarded to employees and consultants.
A further 231,944,445 share options (5.71%) were awarded to persons discharging managerial responsibilities.
Chief executive officer and director Brian Larkin received 152,777,778 new options and now holds 161,830,572.
Chief financial officer Simon Brett, in a non-board role, received 79,166,667 options.
All of the options hold an exercise price of £0.0018 per ordinary share, which is equal to the price of company’s July 2025 fundraising.
The options vest one year from the date of grant, subject to United’s share price increasing to £0.0054 per ordinary share.
Following the awards, the number of share options in issue will total 373,765,267, equal to approximately 9.19% of the company’s current issued share capital of 4,065,855,202 ordinary shares.
United holds oil exploration interests offshore Jamaica and onshore England.