Badger Explorer manager receives share options

Thor Arne Håland, the new manager of quality, risk and supply chain for oil company Badger Explorer, has been granted 25,000 share options at a strike price of NOK15 (£1.6) due to his employment in BXPL.

The options can be exercised within 29 months from the time of issue and can be exercised only in tranches, at the earliest on 15 September 2010 and thereafter at up to four occasions during each year, between three and 10 days after presentation of the company’s quarterly results.

Subsequent to the exercise of the options, the issuance of shares to the option holder will take place through an increase of the share capital by the board of directors, pursuant to the authority granted by the company’s annual general meeting, held on 21 April 2010.