- Enegi Oil has awarded a total of 10,300,000 new options over ordinary shares to directors and senior management.

Eengi says the options - awarded following a recommendation by the remuneration committee - reflect the contribution being made by key personnel to the further success of the company and are in recognition of the need to properly incentivise, reward and also retain them.

Enegi said a total of 3,500,000 incentive options - announced on 11 January 2012 - which were awarded to certain directors and one senior management member of the company and were scheduled to vest on 15 September 2013 have been cancelled and replaced by the the new options, to which no specific performance criteria is attached.

The remainder of the incentive options granted at that time vested on 15 September 2012 and will remain as awarded. Following this award, the total number of options outstanding is 16,000,000, which represents 12.1% of current issued share capital of 132,023,582 ordinary shares in the company. The company also confirmed that the period for exercise of the warrants issued to Risk Management Research Institute and its associate companies has been extended by a further 60 months, from 11 July 2013 on the same terms as previously awarded.

Enegi says RMRI and its associate companies continue to provide commercial and technical services to Enegi and these warrants will continue to provide an incentive to RMRI.

At 9:25am: [LON:ENEG] share price was +0.01p at 8.38p

Story provided by