News 21 March 2011

GRANT OF OPTIONS

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 0.12 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
Malden Ninkov 1,600,1000
Rupert Crowe 800,000
Roger Goodwin 800,000
Mal Randall 800,000
Total 4,000,000