Beacon Energy plc, a full-cycle oil and gas company with onshore German assets, has granted options over 503,565,644 ordinary shares to its directors and employees. The options are exercisable at a price of 0.15 pence per share and vest in two equal tranches, six months and one year from the date of grant, and are exercisable for up to five years. The company has also reached an agreement with certain directors to cancel 33,360,000 "out of the money" options for no consideration. The options granted to directors represent a related party transaction under the AIM Rules for Companies.