4 November 2013, Limassol, Cyprus
1. Employees in SeaBird Exploration have today exercised their rights to purchase from the Company shares in SeaBird Exploration PLC (SBX.OL) at pre agreed price in a number of 1,655,268. The Board of directors have therefore today under the authorisation granted to it at the 2013 AGM, resolved to issue a number of new shares equal to the total number of options exercised. Each such share is issued at the applicable strike price of such option previously announced. The total exercise price for all shares issued is NOK 5,088,308.60.
2. Options exercised by primary insiders 4 November 2013:
Dag Reynolds has exercised 1,000,000 options in the Company, corresponding to 1,000,000 shares at the strike price of NOK 2.50.
Nils Haugestad has exercised 421,940 options in the Company, corresponding to 421,940 shares at the strike price of NOK 3.95.
Babak Jabbari has exercised 33,333 options in the Company, corresponding to 33,333 shares at the strike price of NOK 3.95.
Kjell Mangerøy has exercised 33,333 options in the Company, corresponding to 33,333 shares at the strike price of NOK 3.95.
Alexander Holst has exercised 33,333 options in the Company, corresponding to 33,333 shares at the strike price of NOK 3.95.
Sverre Garden Huru has exercised 33,333 options in the Company, corresponding to 33,333 shares at the strike price of NOK 3.95.
3. Transfer of rights
On 4 November, the primary insiders mentioned below transferred their rights related to the exercised options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. Still, primary insiders cannot be held liable for losses incurred by the third party if the shares are later sold below the strike price. Final compensation for the exercised options will be reported to Oslo Børs when known.
Dag Reynolds has transferred 1,000,000 rights
Nils Haugestad has transferred 421,940 rights
Babak Jabbari has transferred 33,333 rights
Kjell Mangerøy has transferred 33,333 rights
Alexander Holst has transferred 33,333 rights
Sverre Garden Huru has transferred 33,333 rights
4. Purchase of shares
On 4 November, the primary insider mentioned below entered into an agreement to use part of the compensation mentioned in item 3 to purchase shares. When known, the final number of shares, along with the compensation, will be reported to Oslo Børs.
Dag Reynolds
Nils Haugestad
Alexander Holst
5. New holding
After exercising options, Dag Reynolds holds 2,000,000 unexercised options in the Company, corresponding to 2,000,000 shares at the strike price of NOK 2.50 each. As of today the primary insider holds no shares in the Company, Nils Haugestad holds 843,882 unexercised options in the Company, corresponding to 843,882 shares at the strike price of NOK 3.95. As of today the primary insider holds no shares in the Company , Babak Jabbari holds 66,667 unexercised options in the Company, corresponding to 66,667 shares at the strike price of NOK 3,95 each. As of today the primary insider holds no shares in the Company, Kjell Mangerøy holds 66,667 unexercised options in the Company, corresponding to 66,667 shares at the strike price of NOK 3.95 each. As of today the primary insider holds 2,990 shares in the Company, Alexander Holst holds 66,667 unexercised options in the Company, corresponding to 66,667 shares at the strike price of NOK 3.95. As of today the primary insider holds 100 shares in the Company.