Issue of Share Options

RNS Number : 9337D

i3 Energy PLC

12 October 2018

 

12 October 2018

i3 Energy plc

("i3" or the "Company")

Issue of Share Options

i3 Energy plc announces that it today has issued a total of 2,917,037 share options ("Options") to Directors and key management in accordance with the rules of the Company's Share Option Plan. The issue of Options to Directors is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies.

The exercise price of the new Options will be £0.635 per share, the closing price of the Company's ordinary shares as at 11 October 2018.  The Options are for ten years and will vest as follows:

·      33.33% on issuance,

·      33.33% upon successful execution of a farmout agreement or at 12 months (whichever occurs first); and

·      33.33% upon Field Development Plan ("FDP") approval or at 24 months (whichever occurs first).

Number of Options today issued to Directors:

Majiq Shafiq	1,000,000
Graham Heath	179,209
Richard Ames	100,000
Neill Carson	100,000

In relation to this transaction, David Knox is considered to be 'independent' for the purposes of AIM Rule 13 in consideration of the issue of the Options. Having consulted with WH Ireland Limited, the Company's Nominated Adviser ("Nomad"), the independent director David Knox considers that the terms of the transaction are fair and reasonable insofar as Shareholders are concerned.

Following this announcement, the Company has in issue 41,017,438 ordinary shares of £0.0001 each, 5,000 deferred shares of £10.00 each, 3,082,052 share options with an exercise price of £0.55, 2,917,037 Options with an exercise price of £0.635.

ENDS

CONTACT DETAILS:

		i3 Energy plc
		Majid Shafiq (CEO) / Graham Heath (CFO)	c/o Camarco Tel: [phone]
		WH Ireland Limited (Nomad and Joint Broker)
		James Joyce, James Sinclair-Ford	Tel: [phone]
		GMP FirstEnergy (Joint Broker)
		Jonathan Wright, David van Erp	Tel: [phone]
		Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio	Tel: [phone]
		Camarco Georgia Edmonds, Jane Glover, James Crothers	Tel: [phone]
		Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, containing 11 MMBO of 2P Reserves and 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in. The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production. The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Maid Shafiq
2	Reason for the notification
a)	Position/status	CEO
b)	Initial notification/ Amendment	Initial
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 financial instrument, type of instrument Identification code	Share options
b)	Nature of the transaction	Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.635 1,000,000
d)	Aggregated information -     Aggregated volume -     Price	1,000,000 £0.635
e)	Date of the transaction	12/10/2018
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Graham Heath
2	Reason for the notification
a)	Position/status	CFO
b)	Initial notification/ Amendment	Initial
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 financial instrument, type of instrument Identification code	Share options
b)	Nature of the transaction	Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.635 179,209
d)	Aggregated information -     Aggregated volume -     Price	179,209 £0.635
e)	Date of the transaction	12/10/2018
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Richard Ames
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification/ Amendment	Initial
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 financial instrument, type of instrument Identification code	Share options
b)	Nature of the transaction	Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.635 100,000
d)	Aggregated information -     Aggregated volume -     Price	100,000 £0.635
e)	Date of the transaction	12/10/2018
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Neill Carson
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification/ Amendment	Initial
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 financial instrument, type of instrument Identification code	Share options
b)	Nature of the transaction	Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.635 100,000
d)	Aggregated information -     Aggregated volume -     Price	100,000 £0.635
e)	Date of the transaction	12/10/2018
f)	Place of the transaction	Off market

 

END

 

 

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