Share Issue/Capital Change • Dec 27, 2017
Share Issue/Capital Change
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SHARE CAPITAL INCREASE & ISSUE OF UNLISTED SHARE OPTIONS
African Petroleum Corporation Limited ("African Petroleum" or the "Company") advises that a total of 4,121,016 new ordinary shares have been issued today to employees and executive directors of the Company, as follows:
Executive Directors
Jens Pace (CEO) 1,465,604 new ordinary shares
Stephen West (CFO) 1,116,694 new ordinary shares
Employees 1,538,718 new ordinary shares
The new ordinary shares were issued to the employees and executive directors in full and final settlement of accrued and unpaid salaries for the period 1 December 2015 to 30 April 2017.
The new shares will be issued in the VPS on the Company's ordinary ISIN AU000000AOQ0. The New Shares have been validly and legally issued as fully paid shares in accordance with Australian law and the Constitution of the Company. As a result of the share capital increase, the Company has 155,466,446 shares in issue. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company. The shares of the Company have no par value.
In addition, 776,070 unlisted share options with an exercise price of NOK 7.75 per share and an expiry date of 31 May 2022 were issued to brokers as part of their consideration for acting as joint managers to the private placement completed by the Company in May 2017. After the share option issue, the Company has 14,833,200 share options on issue.
Following the above issue of new ordinary shares, the Directors of the Company hold the following shares and options in the Company:
Type Amount Details
Jens Pace
Shares 1,498,938
Options 16,667 Exercise price of AU$30.00, expiring 8 Jan 2018
Options 58,334 Exercise price of AU$3.00, expiring 22 Nov 2018
Options 200,000 Exercise price of NOK 4.00, expiring 28 Apr 2020
Options 350,000 Exercise price of NOK 1.70, expiring 15 Nov 2020
Options 1,000,000 Exercise price of NOK 1.70, expiring 22 Dec 2020
Options 1,500,000 Exercise price of NOK 7.75, expiring 31 May 2022
Stephen West
Shares 1,377,544
Options 58,334 Exercise price of AU$3.00, expiring 22 Nov 2018
Options 100,000 Exercise price of AU$2.40, expiring 3 Jun 2019
Options 200,000 Exercise price of NOK 4.00, expiring 28 Apr 2020
Options 270,000 Exercise price of NOK 1.70, expiring 15 Nov 2020
Options 1,000,000 Exercise price of NOK 1.70, expiring 22 Dec 2020
Options 1,500,000 Exercise price of NOK 7.75, expiring 31 May 2022
David King
Shares 30,000
Options 500,000 Exercise price of NOK 7.75, expiring 31 May 2022
Bjarne Moe
Shares 10,000
Options 50,000 Exercise price of NOK 4.00, expiring 28 Apr 2020
Options 200,000 Exercise price of NOK 1.70, expiring 22 Dec 2020
Options 200,000 Exercise price of NOK 7.75, expiring 31 May 2022
Anthony Wilson
Shares 10,000
Options 50,000 Exercise price of NOK 4.00, expiring 28 Apr 2020
Options 200,000 Exercise price of NOK 1.70, expiring 22 Dec 2020
Options 200,000 Exercise price of NOK 7.75, expiring 31 May 2022
Timothy Turner
Shares 4,167
Options 200,000 Exercise price of NOK 7.75, expiring 31 May 2022
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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For further information, please contact:
Jens Pace, Chief Executive Officer
Stephen West, Chief Financial Officer
Tel: +44 20 3655 7810
Media Contacts:
Buchanan
Ben Romney/Chris Judd
Tel: +44 207 466 5000
About African Petroleum
African Petroleum is an independent oil and gas exploration company with licence interests in four countries offshore West Africa (Senegal, The Gambia, Côte d'Ivoire and Sierra Leone). The Company's assets are located in proven hydrocarbon basins in the West African Transform Margin and the Atlantic Margin, where several discoveries have been made in recent years.
For more information about African Petroleum, please see www.africanpetroleum.com.au
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