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Option grant to employees

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Panoro Energy ASA ("PEN", OSE ticker code) Reference is made to the press release of August 17, 2010, describing the allocation of 3,125,000 options to core management and the Chairman of the Board. The Company has on September 2, 2010 allocated additional 3,645,000 options to other employees of the Company under the same conditions. Consequently, 6,770,000 options have been allocated at this time. 

The following primary insiders have been granted options:

  • Adrian Robinson, VP Exploration, 250,000 options. In addition, Mr. Robinson controls 65,247 shares in the Company.
  • Richard Morton, VP Nigeria, 250,000 options. In addition, Mr. Morton controls 35,132 shares in the Company.
  • Carl Peter Berg, General Manager Brazil, 175,000 options. In addition, Mr. Berg controls 57,750 shares in the Company.
  • Didier Goudant, Senior Legal advisor, 175,000 options. In addition, Mr. Goudant controls 27,102 shares in the Company.
  • Rebecca Sanderson, Financial Controller, 175,000 options. In addition, Ms. Sanderson controls 30,113 shares in the Company.
  • Qazi Qadeer, Deputy Financial Controller, 175,000 options.
  • Jonas Gamre, Investor Relations, 175,000 options. In addition, Mr. Gamre controls 12,500 shares in the Company.
  • Patrick Lynch, Information Systems Manager, 100,000 options. In addition, Mr. Lynch controls 25,095 shares in the Company.
  • Therese Fuglerud, Office Manager, 100,000 options.

Background: On August 12, 2010 the Extraordinary General Meeting (“EGM”) resolved to authorize the BOD to increase share capital up to NOK 15,563,605.03 by the issuance of up to 10,656,560 new shares as part of the Company’s incentive program. There are no other options outstanding in the Company. 

The Board of Directors previously approved grant of 7,000,000 of the total 10,656,560 options to employees and the Chairman at this time. 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 6.0, 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 the volume-weighted average share price from listing until August 17, 2010. 

  • 2,333,333 options has a vesting period until Aug 17, 2011 and can be exercised until Aug 17, 2012 at NOK 6.0 or until Aug 17, 2013 at NOK 6.48
  • 2,333,333 options has a vesting period until Aug 17, 2012 and can be exercised until Aug 17, 2013 at NOK 6.48 or until Aug 17, 2014 at NOK 7.0
  • 2,333,333 options has a vesting period until Aug 17, 2013 and can be exercised until Aug 17, 2014 at NOK 7.0 or until Aug 17, 2015 at NOK 7.56

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

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