Director/PDMR Shareholding (3206D)

TIDMSRO

RNS Number : 3206D

Spitfire Oil Limited

21 March 2011

Spitfire Oil Limited

Grant of Options

21st March 2011

Spitfire Oil Limited announces the grant of share options over 4,000,000 new ordinary shares to directors of the Company.

Each option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of GBP0.12 per share on or before 31st March 2014. The options will vest in 3 equal installments as to one third immediately, as to one third on 31 March 2012 and as to one third on 31 March 2013.

The options will not vest if the option holder resigns or leaves the Company for cause prior to the vesting event taking place. All the options will vest immediately upon a takeover offer being made or a change in control of the Company taking place prior to the options expiring.

The options have been granted to directors as follows:

 
                       Number 
                   of options 
 
 Mladen Ninkov      1,600,000 
 Rupert Crowe         800,000 
 Roger Goodwin        800,000 
 Mal Randall          800,000 
 
 Total              4,000,000 
                 ============

Further information

Spitfire Oil Limited

Mladen Ninkov - Chairman

Roger Goodwin - Director Telephone: +44(0) 20 7629 7774

Panmure Gordon (UK) Limited Telephone: +44 (0) 20 7459 3600

Dominic Morley

Hannah Woodley

Spitfire Oil Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol SRO)

The Company's news releases are available on the Company's web site: www.spitfireoil.com

This information is provided by RNS

The company news service from the London Stock Exchange

END