TIDMPXOG

RNS Number : 5636O

Prospex Oil and Gas PLC

01 June 2020

Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas

1 June 2020

Prospex Oil and Gas Plc

("Prospex" or the "Company")

Award of Share Options

Prospex Oil and Gas Plc, the AIM quoted investment company, announces that it has today awarded a total of 142,626,506 options over new Ordinary Shares in the Company to members of the Board and other staff (the 'Options'). The Options awarded represent 6.44% of the currently issued share capital of the Company.

The Options have been awarded with a strike price of 0.16p per ordinary share, being a 33% premium to the price at which the Company completed its recent Placing as announced on 30 January 2020 and a 33% premium to the mid-market closing share price of the Company's Ordinary Shares on 29 May 2020. The Options will vest immediately and are exercisable for a period of 3 years.

The Options issued are set out below:

 
                            Number of Options awarded   Total shares options 
                                                         now held over share 
                                                          capital of Company 
 Edward Dawson                             33,029,296             49,969,569 
                           --------------------------  --------------------- 
 Richard Mays                              20,267,977             30,663,145 
                           --------------------------  --------------------- 
 James Smith                               20,267,977             30,663,145 
                           --------------------------  --------------------- 
 William Smith                             20,267,977             30,663,145 
                           --------------------------  --------------------- 
 Other staff / personnel 
  (non-PDMR)                               48,793,278             68,043,588 
                           --------------------------  --------------------- 
 Total                                    142,626,506            210,002,593 
                           --------------------------  --------------------- 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

* *S * *

For further information visit www.prospexoilandgas.com or contact the following:

 
Edward Dawson    Prospex Oil and Gas Plc       Tel: +44 (0) 20 3948 
                                                1619 
Rory Murphy      Strand Hanson Limited         Tel: +44 (0) 20 7409 
 Ritchie Balmer                                 3494 
 Jack Botros 
Colin Rowbury    Novum Securities Limited      Tel: +44 (0) 20 7399 
 Jon Belliss                                    9427 
Duncan Vasey     Peterhouse Corporate Finance  Tel: +44 (0) 20 7469 
                                                0932 
Frank Buhagiar   St Brides Partners Ltd        Tel: +44 (0) 20 7236 
 Cosima Akerman                                 1177 
 

Notes

Prospex Oil and Gas Plc is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's management is looking to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low cost re-evaluation techniques to identify and de-risk prospects.

PDMR Notifications

 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Edward Dawson 
     --------------------------------  ------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                   Director of the Company 
     --------------------------------  ------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                              Prospex Oil and Gas Plc 
     --------------------------------  ------------------------------------- 
 b)   LEI                               213800NY9RH8O1B72D27 
     --------------------------------  ------------------------------------- 
 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 Financial      Ordinary shares of 0.1p each in the 
       [ ]instrument, type of            share capital of the Prospex Oil & 
       instrument                        Gas plc 
     --------------------------------  ------------------------------------- 
      Identification code               GB00BW4NPC58 
     --------------------------------  ------------------------------------- 
 b)   Nature of the Transaction         Issue of options to acquire Ordinary 
                                         Shares over the next 3 years 
     --------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)       Volume(s) 
                                          0.16p pence    33,029,296 
                                                        ----------- 
     --------------------------------  ------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  ------------------------------------- 
 e)   Date of the transaction            1 June 2020 
     --------------------------------  ------------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  ------------------------------------- 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
     ----------------------------------------------------------------------- 
 a)   Name                              Richard Mays 
     --------------------------------  ------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                   Director of the Company 
     --------------------------------  ------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                              Prospex Oil and Gas Plc 
     --------------------------------  ------------------------------------- 
 b)   LEI                               213800NY9RH8O1B72D27 
     --------------------------------  ------------------------------------- 
 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 Financial      Ordinary shares of 0.1p each in the 
       instrument, type of instrument    share capital of the Prospex Oil & 
                                         Gas plc 
     --------------------------------  ------------------------------------- 
      Identification code               GB00BW4NPC58 
     --------------------------------  ------------------------------------- 
 b)   Nature of the Transaction         Issue of options to acquire Ordinary 
                                         Shares over the next 3 years 
     --------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)   Volume(s) 
                                          0.16p      20,267,977 
                                                    ----------- 
     --------------------------------  ------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  ------------------------------------- 
 e)   Date of the transaction           1 June 2020 
     --------------------------------  ------------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  ------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              James Smith 
     --------------------------------  ------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                   Director of the Company 
     --------------------------------  ------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                              Prospex Oil and Gas Plc 
     --------------------------------  ------------------------------------- 
 b)   LEI                               213800NY9RH8O1B72D27 
     --------------------------------  ------------------------------------- 
 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 Financial      Ordinary shares of 0.1p each in the 
       instrument, type of instrument    share capital of the Prospex Oil & 
                                         Gas plc 
     --------------------------------  ------------------------------------- 
      Identification code               GB00BW4NPC58 
     --------------------------------  ------------------------------------- 
 b)   Nature of the Transaction         Issue of options to acquire Ordinary 
                                         Shares over next 3 years 
     --------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)   Volume(s) 
                                          0.16p      20,267,977 
                                                    ----------- 
     --------------------------------  ------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  ------------------------------------- 
 e)   Date of the transaction           1 June 2020 
     --------------------------------  ------------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  ------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              William Smith 
     --------------------------------  ------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                   Director of the Company 
     --------------------------------  ------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                              Prospex Oil and Gas Plc 
     --------------------------------  ------------------------------------- 
 b)   LEI                               213800NY9RH8O1B72D27 
     --------------------------------  ------------------------------------- 
 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 Financial      Ordinary shares of 0.1p each in the 
       instrument, type of instrument    share capital of the Prospex Oil & 
                                         Gas plc 
     --------------------------------  ------------------------------------- 
      Identification code               GB00BW4NPC58 
     --------------------------------  ------------------------------------- 
 b)   Nature of the Transaction         Issue of options to acquire Ordinary 
                                         Shares over next 3 years 
     --------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)   Volume(s) 
                                          0.16p      20,267,977 
                                                    ----------- 
     --------------------------------  ------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  ------------------------------------- 
 e)   Date of the transaction           1 June 2020 
     --------------------------------  ------------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  ------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 01, 2020 07:46 ET (11:46 GMT)

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