United Oil & Gas plc intends to award up to 332,361,111 performance-related share options, representing 13.224% of its issued share capital, under its amended, unapproved share option scheme.
SALARIES
The revised scheme includes contractors and consultants as well as directors and persons discharging managerial responsibilities, and will also offset cuts in employees’ salaries over recent years.
The 10-year awards, due to vest one year from the date of grant, subject to share performance, will also offset cuts in employees’ salaries over recent years.
The company has to date awarded 41,404,156 options under the current scheme, while its current issued share capital totals 2,513,322,223.
United said it would make the awards at an “appropriate time” following publication of its interim results expected at the end of September 2025.
The company owns the Walton Morant block, offshore Jamaica and a 26.25% working interest in PL090 at Waddock Cross in Dorset, onshore England.