Panoro Energy ASA

Option grant to employees

Press release   •   Dec 22, 2011 11:27 GMT

The Board of Directors (“Board”) of Panoro Energy ASA (“PEN”, OSE ticker code) has approved grant of 4,745,000 new options to core management and key employees under the current approved option program.

Vesting period will be over a three year period, with 1/3 of the options exercisable each year. The strike price of the options was set at NOK 6.00, which is to be increased by 8 percent after year two and additional 8 percent annually thereafter. The strike price for the options is based on comparison to the previous option allocation.

  • 1/3 of the options has a vesting period until Dec 21, 2012 and can be exercised until Dec 21, 2013 at NOK 6.00 or until Dec 21, 2014 at NOK 6.48
  • 1/3 of the options has a vesting period until Dec 21, 2013 and can be exercised until Dec 21, 2014 at NOK 6.48 or until Dec 21, 2015 at NOK 7.00
  • 1/3 of the options has a vesting period until Dec 21, 2014 and can be exercised until Dec 21, 2015 at NOK 7.00 or until Dec 21, 2016 at NOK 7.56

Of the 4,745,000 new options, primary insiders have been granted the following:

  • Kjetil Solbrække, CEO, 750,000 options. After this transaction, Mr. Solbrække controls 376,823 shares and 1,500,000 options in the Company.
  • Anders Kapstad, CFO, 500,000 options. After this transaction, Mr. Kapstad controls 60,850 shares and 1,000,000 options in the Company.
  • Nishant Dighe, COO, 500,000 options. After this transaction, Mr. Dighe controls 1,309,669 shares and 1,000,000 options in the Company.
  • Dimas Coelho, President Exploration, 750,000 options. After this transaction, Mr. Coelho controls 750,000 options in the Company.
  • Mark Scarbrough, President Development and Production 325,000 options. After this transaction, Mr. Scarbrough controls 25,095 shares and 650,000 options in the Company.
  • Carl Peter Berg, General Manager Brazil, 175,000 options. After this transaction, Mr. Berg controls 57,750 shares and 350,000 options in the Company.
  • Richard Morton, VP Subsurface, 175,000 options. After this transaction, Mr. Morton controls 35,132 shares and 425,000 options in the Company.
  • Qazi Qadeer, Group Accounting Manager, 100,000 options. After this transaction, Mr. Qadeer controls 275,000 options in the Company.
  • Therese Fuglerud, Group Administration Manager, 100,000 options. After this transaction, Ms. Fuglerud controls 10,000 shares and 200,000 options in the Company.

After this grant, the total number of options allocated in Panoro Energy ASA is 10,160,000.

For further information, please contact:

Anders Kapstad, CFO
Tel: +47 23 01 10 01
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com

Jonas Gamre, Finance & Investor Relations Manager
Tel: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com  

Please visit www.panoroenergy.com for more information.