Annual Report & Accounts - Correction

RNS Number : 6745W

Diversified Gas & Oil PLC

18 April 2019

 

18 April 2019

Diversified Gas & Oil PLC

("DGO" or the "Company")

Annual Report & Accounts - Correction

Diversified Gas & Oil PLC (AIM: DGOC), a US based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, announces that it has become aware of an error in relation to the directors' remuneration tables set out on page 24 of the 2018 Annual Report published on 18 March 2019.

The directors' remuneration figures included in the tables for the years ended 31 December 2018 and 31 December 2017 were in fact the directors' remuneration figures for the years ended 31 December 2017 and 31 December 2016.

The tables including the correct figures for 2018 are included below and a corrected 2018 Annual Report will be uploaded to the Company's website shortly:

Year ended 31 December 2018

Director	Type	Notes	Salary $'000	Share based payments $'000	Other remuneration $'000	Fees $'000	Total $'000
Robert R. Hutson Jr	Executive	a	363	100	120	-	583
Bradley G. Gray	Executive	b	319	46	93	-	458
Robert M. Post	Non-Executive		-	-	-	58	58
Martin K. Thomas	Non-Executive		-	-	-	75	75
David E. Johnson	Non-Executive		-	-	-	75	75
Total			682	146	213	208	1,249

Notes:

(a)        On April 16, 2018, the Company issued 6,000,000 stock options to Robert R. Hutson, Jr. For the year ended 31 December 2018, the expense related to these options was $100 thousand and is included in 'Share based payments'. 'Other remuneration' for Robert R. Hutson, Jr included a $120 thousand cash bonus.

(b)        On April 16, 2018, the Company issued 2,750,000 stock options to Bradley G. Gray. For the year ended 31 December 2018, the expense related to these options was $46 thousand and is included in 'Share based payments'. 'Other remuneration' for Bradley G. Gray included an $85 thousand cash bonus and automobile reimbursement of $8 thousand.

Year ended 31 December 2017

Director	Type	Notes	Salary $'000	Share based payments $'000	Other remuneration $'000	Fees $'000	Total $'000
Robert R. Hutson Jr	Executive	b	390	-	245	-	635
Bradley G. Gray	Executive	c	377	-	148	-	525
Robert M. Post	Executive	a, b	66	-	280	17	363
Martin K. Thomas	Non-Executive		-	-	-	63	63
David E. Johnson	Non-Executive		-	-	-	59	59
Total			833	-	673	139	1,645

Notes:

(a)        Mr Robert M. Post was Executive Chairman of the Company until 28 July 2017 when he became Non-Executive Chairman.

(b)        For the year ended 31 December 2017, 'other remuneration' for Robert M. Post and Rusty R. Hutson, Jr. included a reimbursement of one-time expenses incurred as a result of the contribution of assets from individually owned entities to Diversified Gas and Oil Corporation.

(c)        For the year ended 31 December 2017, 'other remuneration' for Bradley G. Gray included a $148 thousand cash bonus.

For further information contact:

Diversified Gas & Oil PLC Rusty Hutson Jr., Chief Executive Officer Brad Gray, Chief Operating Officer and Finance Director Eric Williams, Chief Financial Officer www.dgoc.com	+ 1 [phone]		+ 1 [phone]
Cenkos Securities plc (Nominated Adviser) Russell Cook Katy Birkin Ben Jeynes	[phone]		[phone]
Mirabaud Securities Limited (Joint Broker) Peter Krens Edward Haig-Thomas	[phone]		[phone]
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart Nicholas Rhodes Ashton Clanfield	[phone]		[phone]
Buchanan (Financial Public Relations) Ben Romney Chris Judd James Husband [e-mail]	[phone]

 

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