New Standard Energy managing director Sam Willis and technical director Mark Hagan have exercised a total of 12.5 million 22.5-cent and 27.5-cent options to acquire shares in the WA and US oil and gas explorer. The exercise of options has raised an additional $3.125 million for the company, which it says will be used as working capital ahead of the flagship Goldwyer drilling program in the Canning Basin, scheduled to commence in July and the progression of the Merlinleigh project in the Carnarvon Basin over the next year. Mr Willis also sold 2.625 million shares on-market to raise $1.2 million, while Mr Hagan sold 5 million shares on-market to raise $2.3 million. The shares were sold at an agreed price of 46 cents each to cover the cost of the option exercise as well as some of the primary tax liabilities associated with the share sales. With New Standard Energy’s shares currently trading at 52 cents each, Mr Willis’ remaining stake is worth $5.7 million and Mr Hagan’s $2.3 million.
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