TIDMI3E
RNS Number : 0936T
i3 Energy PLC
10 November 2023
GENERAL TEXT AMMENT
The following amendment has been made to the ' LTIP Share Option
and Cash Pool Awards ' announcement released on 10 November 2023 at
07:00 under RNS No 0724T.
The vesting conditions for the UK options have been updated.
All other details remain unchanged.
The full amended text is shown below.
10 November 2023
i3 Energy plc
("i3", "i3 Energy", or the "Company")
LTIP Share Option and Cash Pool Awards - Correction
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas
company with assets and operations in the UK and Canada, announces
that it has issued LTIP awards, in accordance with the rules of the
Company's Share Option Plan, which include option and cash pool
awards ("collectively the LTIP Awards"). The LTIP Awards includes
options over 18,594,470 ordinary shares to i3 staff and executive
board members and an approximate cash pool reward of GBP 1,836,826.
The exercise price of the options is GBP 0.1130 per share, being
the closing price of the Company's shares on AIM on 9 November
2023.
The LTIP Awards issued to the executive directors and a PDMR are
as follows:
Options Issued Cash Pool LTIP
Majid Shafiq 2,303,390 GBP 226,703
--------------- ---------------
Ryan Heath 2,190,720 GBP 212,835
--------------- ---------------
Jason Dranchuk 1,655,540 GBP 161,526
--------------- ---------------
The LTIP Awards will vest over a three-year period, subject to
accelerated vesting on the following performance targets being
met:
a) For employees of i3 Energy Canada Ltd. and i3 Energy plc:
-- 1/3 on achieving production of 26,000 boepd (this target to
be adjusted downwards by the production volume associated with any
i3 divestment in the period)
-- 1/3 on the acquisition of 5,000 boepd
-- 1/3 on the addition of 25 mmbbls of 2P reserves
Or 1/3 vesting each year, on the anniversary of the grant, if
not vested in accordance to the conditions above.
b) For employees of i3 Energy North Sea Limited and i3 Energy plc:
-- 1/3 on FDP of Serenity
-- 1/3 on acquisition of 2,500 boepd
-- 1/3 on addition of 10 mmbbls of 2P reserves
Or 1/3 vesting each year, on the anniversary of the grant, if
not vested in accordance to the conditions above.
Regardless of the above, 100% of the LTIP Awards will vest if
there is a change of control of the Company or sale of 75% of the
PDP reserves.
Immediately following this announcement, the Company has in
issue 1,202,447,663 Ordinary Shares of GBP0.0001 each, 5,000
deferred shares of GBP10.00 each, 18,594,470 options at an exercise
price of GBP0.1130 each, 550,000 options at an exercise price of
GBP0.1278 each, 3,000,000 options at an exercise price of GBP0.20
each, 1,350,000 options at an exercise price of GBP0.2155 each,
425,000 options at an exercise price of GBP0.294 each, 425,000
options at an exercise price of GBP0.2775 each, 21,149,731 options
at an exercise price of GBP0.11 each, 4,962,546 share options at an
exercise price of GBP0.05 each and 853,652 options at an exercise
price of GBP0.0001
S
Enquiries:
i3 Energy plc c/o Camarco
Majid Shafiq (CEO) Tel: +44 (0) 203 781 8331
WH Ireland Limited (Nomad and
Joint Broker) Tel: +44 (0) 207 220 1666
James Joyce, Darshan Patel
Tennyson Securities (Joint Broker)
Peter Krens Tel: +44 (0) 207 186 9030
Stifel Nicolaus Europe Limited
(Joint Broker) Tel: +44 (0) 20 7710 7600
Ashton Clanfield, Callum Stewart
Camarco
Andrew Turner, Violet Wilson, Tel: +44 (0) 203 757 4980
Sam Morris
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost,
diversified, growing production base in Canada's most prolific
hydrocarbon region, the Western Canadian Sedimentary Basin and
appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through
the optimisation of its existing 100% owned asset base and the
acquisition of long life, low decline conventional production
assets.
i3 is dedicated to responsible corporate practices and the
environment, and places high value on adhering to strong
Environmental, Social and Governance (" ESG ") practices. i3 is
proud of its performance to date as a responsible steward of the
environment, people , and capital management. The Company is
committed to maintaining an ESG strategy, which has broader
implications to long-term value creation, as these benefits extend
beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock
Exchange under the symbol I3E and on the Toronto Stock Exchange
under the symbol ITE. For further information on i3 Energy please
visit https://i3.energy
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSICIATED WITH THEM
1
Details of the person discharging managerial responsibilities/person
closely associated
a) Name Majid Shafiq
---------------------------------- ------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status CEO
---------------------------------- ------------------------------------
b) Initial notification/ Initial
Amendment
---------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name i3 Energy PLC
---------------------------------- ------------------------------------
b) LEI 213800949OZA9QA9FS17
---------------------------------- ------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
------------------------------------------------------------------------
a) Description of the Options over ordinary shares
financial instrument,
type of instrument
Identification code
---------------------------------- ------------------------------------
b) Nature of the transaction Share Option Plan
---------------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.1130 2,303,390
----------
---------------------------------- ------------------------------------
d) Aggregated information
* Aggregated volume 2,303,390
GBP0.1130
* Price
---------------------------------- ------------------------------------
e) Date of the transaction 10/11/2023
---------------------------------- ------------------------------------
f) Place of the transaction Off market
---------------------------------- ------------------------------------
1
Details of the person discharging managerial responsibilities/person
closely associated
a) Name Ryan Heath
-------------------------------- --------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status President, i3 Energy Canada Ltd
-------------------------------- --------------------------------------
b) Initial notification/ Initial
Amendment
-------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name i3 Energy PLC
-------------------------------- --------------------------------------
b) LEI 213800949OZA9QA9FS17
-------------------------------- --------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
------------------------------------------------------------------------
a) Description of the Options over ordinary shares
financial instrument,
type of instrument
Identification code
-------------------------------- --------------------------------------
b) Nature of the transaction Share Option Plan
-------------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.1130 2,190,720
----------
-------------------------------- --------------------------------------
d) Aggregated information
* Aggregated volume 2,190,720
GBP0.1130
* Price
-------------------------------- --------------------------------------
e) Date of the transaction 10/11/2023
-------------------------------- --------------------------------------
f) Place of the transaction Off market
-------------------------------- --------------------------------------
1
Details of the person discharging managerial responsibilities/person
closely associated
a) Name Jason Dranchuk
---------------------------------- ------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status CFO
---------------------------------- ------------------------------------
b) Initial notification/ Initial
Amendment
---------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name i3 Energy PLC
---------------------------------- ------------------------------------
b) LEI 213800949OZA9QA9FS17
---------------------------------- ------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted
------------------------------------------------------------------------
a) Description of the Options over ordinary shares
financial instrument,
type of instrument
Identification code
---------------------------------- ------------------------------------
b) Nature of the transaction Share Option Plan
---------------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.1130 1,655,540
----------
---------------------------------- ------------------------------------
d) Aggregated information
* Aggregated volume 1,655,540
GBP0.1130
* Price
---------------------------------- ------------------------------------
e) Date of the transaction 10/11/2023
---------------------------------- ------------------------------------
f) Place of the transaction Off market
---------------------------------- ------------------------------------
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END
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November 10, 2023 05:00 ET (10:00 GMT)
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