The founders of bid vehicle Vallares, renamed Genel Energy after acquiring a Kurdistan-focused group of the same name, will receive 18.7 million new Genel shares by exercising their founders, or 'B' shares, for which they paid 15 million pounds.
The founders also invested 85 million pounds in Vallares at its founding, on the same terms as other investors who stumped up 1.35 billion in a bet the partners could find undervalued emerging markets oil assets.
The founders could do better still. They also have 'C' shares that entitle them to 15 percent of any gains above a 25 percent hurdle rate over four years.
Genel shares have fallen to 845 pence from an issue price of 1,000 pence.
(Reporting by Tom Bergin; Editing by Dan Lalor)