TIDMIOG
RNS Number : 4681Y
Independent Oil & Gas PLC
02 January 2020
2 January 2020
Independent Oil and Gas plc
Grant of Share Options to Incentivise Long Term Performance
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM:
IOG.L), the development and production focused oil and gas company,
announces that it has today granted options over, in aggregate,
9,956,923 1p Ordinary Shares in the Company ("Ordinary Shares") to
its executive directors, senior management and employees (the
"Options").
The new Options set out in the tables below for executive
directors, senior management and employees are intended to reward
long term performance and all vest three years from the date of
grant subject to a compound annual Total Shareholder Return of 10%
being achieved. Subject to vesting and such performance conditions
being met, the new Options are exercisable for up to ten years from
the date of grant and will lapse if not exercised by such date.
Executive Directors
The following new Options have been granted to Executive
Directors of the Company:
Name Position Number of Exercise Vesting Total Options
New Options Price Period Exercise Held Following
Granted per Ordinary Period This Grant
Share
(pence)
Andrew Hockey CEO 2,256,410 1p 3 years 10 years 5,724,150
---------- ------------- -------------- -------- ----------- ----------------
Mark Hughes COO 1,572,650 1p 3 years 10 years 3,754,713
---------- ------------- -------------- -------- ----------- ----------------
Rupert Newall CFO 1,709,402 1p 3 years 10 years 3,150,368
---------- ------------- -------------- -------- ----------- ----------------
Senior Management and Employees
The following new Options have been granted to Senior Management
and Employees:
Name Position Number of Exercise Vesting Total Options
New Options Price Period Exercise Held Following
Granted per Ordinary Period This Grant
Share
(pence)
Head of
Corporate
James Chance Finance 1,504,274 1p 3 years 10 years 4,725,039
------------ ------------- -------------- -------- ----------- ----------------
General
Robin Storey Counsel 820,513 1p 3 years 10 years 820,513
------------ ------------- -------------- -------- ----------- ----------------
Other
Employees 2,093,675 1p 3 years 10 years n/a
--------------------------- ------------- -------------- -------- ----------- ----------------
Fiona MacAulay, Chair of IOG, commented:
"The Company's Share Option Plan is designed to retain and
incentivise key members of IOG's management and employees to ensure
that they continue to implement a proactive health, safety and
environment focused culture, ensure key project milestones are met
and deliver material share price growth for all our shareholders
and stakeholders over the coming years. The demanding performance
criteria for these awards include a three-year vesting period,
taking us beyond first gas on our Core Project, and a requirement
to deliver 10% compound annual shareholder returns over that
period.
-S-
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Enquiries:
Independent Oil and Gas plc +44 (0) 20 3879 0510
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR)
finnCap Ltd +44 (0) 20 7220 0500
Christopher Raggett, Simon Hicks (Corporate Finance)
Camille Gochez (Corporate Broking)
Peel Hunt LLP +44 (0) 20 7418 8900
Richard Crichton
David McKeown
Vigo Communications +44 (0) 20 7390 0230
Patrick d'Ancona
Chris McMahon
Simon Woods
Notes:
Person Discharging Managerial Responsibilities ("PDMR")
Notification Forms
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Andrew Hockey
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status CEO
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 2,256,410
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 2 Jan 2020
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Mark Hughes
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status COO
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 1,572,650
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 2 Jan 2020
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Rupert Newall
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status CFO
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 1,709,402
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 2 Jan 2020
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name James Chance
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status Head of Corporate Finance & IR (PDMR)
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 1,504,274
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 2 Jan 2020
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Robin Storey
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status General Counsel and Company Secretary
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 820,513
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 2 Jan 2020
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
About IOG:
IOG owns and operates a 50% stake in substantial low risk, high
value gas reserves in the UK Southern North Sea. The Company's Core
Project targets a gross 2P peak production rate of 140 MMcfe/d (c.
24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe(1) + 2C gas
Contingent Resources of 108 Bcfe(2), via an efficient hub strategy.
In addition to the independently verified 2P reserves at Blythe,
Elgood, Southwark, Nailsworth and Elland and 2C Contingent
Resources at Goddard, IOG also has independently verified best
estimate gross unrisked prospective gas resources of 73 Bcfe(2) at
Goddard. Alongside this IOG continues to pursue value accretive
acquisitions to generate significant shareholder returns.
(1) ERC Equipoise Competent Persons Report: October 2017,
adjusted by Management to account for updated project timing and
compression
(2) ERC Equipoise Competent Persons Report: October 2018
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contact rns@lseg.com or visit www.rns.com.
END
DSHSSIESFESSEDF
(END) Dow Jones Newswires
January 02, 2020 02:00 ET (07:00 GMT)
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