Options Issuance to New Non-executive Director

RNS Number : 5361P

i3 Energy PLC

11 October 2019

 

i3 Energy plc

("i3" or the "Company")

Options Issuance to New Non-executive Director

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, has issued 100,000 options at an exercise price of 39.5 pence per share to Mrs. Linda Beal, non-executive director of i3, further to her appointment as announced on September 17^th, 2019.

The Options are for ten years and will vest as follows:

·      One-third upon completion of the Company's current drilling programme which confirms a resource base supporting i3's envisaged Liberator Phase I development plan;

·      One-third upon securing funding for the Liberator Phase I development; and

·      One-third on increasing gross reserves to 50 MMbbls or achieving first oil from the Company's licences.

Regardless of the above, 100% of the options will vest at first oil from the Company's licences or if there is a change of control of the Company.

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 Tel: [phone] Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio Tel: [phone] Camarco Jennifer Renwick, 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, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 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. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis. 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	Linda Beal
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) £0.395 100,000
d)	Aggregated information -    Aggregated volume -    Price	100,000 £0.395
e)	Date of the transaction	09/10/2019
f)	Place of the transaction	Off market

 

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