Europa Oil & Gas has awarded a total of 3,560,000 options to buy ordinary shares of 1p each in the company.
“The options are granted in recognition of the 20% salary cuts taken by the Board and office based staff while oil prices have been depressed,” a spokesperson said.
Chief executive Hugh MacKay was awarded 1.6million, finance director Phil Greenhalgh was awarded 1.2million, non-executive director Roderick Corrie was awarded 150,000 and other staff members were awarded a collective 610,000.
The AIM listed oil and gas exploration, development and production company is focused on Europe.
50% of Mr Mackay and Mr Greenhalgh’s options will be vested if the share price is above 10p for a continuous period of 30 calendar days, 35% on successful farm-out of the Company’s Irish acreage and 15% on successful start-up of Wressle production.
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