Director & PDMR Dealing

RNS Number : 7948H

Independent Oil & Gas PLC

27 March 2020

 

27 March 2020

Independent Oil and Gas plc

Director & PDMR Dealing

Independent Oil and Gas plc ("IOG" or the "Company"), the development and production company focused on becoming a substantial UK gas producer, is pleased to announce that certain Directors and persons discharging managerial responsibilities ("PDMRs") of the Company have purchased in the market 320,000 ordinary shares of 1p each at an average price of 11.87p per share in the Company, equating to an aggregate value of £37,973.87. Share purchases and revised shareholdings are shown below:

Director/Senior manager	Role	Number of Ordinary Shares Purchased	Resultant number of Ordinary Shares held	Percentage of Enlarged Share Capital held directly and by PCA
Andrew Hockey	CEO	80,000	790,729	0.16%
Rupert Newall	CFO	100,000	3,767,050	0.78%
Mark Hughes	COO	100,000	693,770	0.14%
James Chance	Head of Corporate Finance & IR	40,000	165,000	0.03%

Following this purchase, Directors and PDMRs of the Company, including Persons Closely Associated ("PCA") holds a total of 6,216,549 ordinary shares, representing 1.3% of the outstanding share capital of the Company.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andrew Hockey
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 financial instrument, type of instrument	Independent Oil & Gas plc Ordinary Shares of 1p each
	Identification code	ISIN: GB00BF49WF64
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		11.8799p	80,000
d)	Aggregated information	Aggregated price	Aggregated volume
		11.8799p	80,000
e)	Date of the transactions	26 March 2020
f)	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	Chief Financial Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 financial instrument, type of instrument	Independent Oil & Gas plc Ordinary Shares of 1p each
	Identification code	ISIN: GB00BF49WF64
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		11.90p	50,000
		11.8799p	50,000
d)	Aggregated information	Aggregated price	Aggregated volume
		11.89p	100,000
e)	Date of the transactions	26 March 2020
f)	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	Chief Operating Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 financial instrument, type of instrument	Independent Oil & Gas plc Ordinary Shares of 1p each
	Identification code	ISIN: GB00BF49WF64
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		11.8p	100,000
d)	Aggregated information	Aggregated price	Aggregated volume
		11.8p	100,000
e)	Date of the transactions	26 March 2020
f)	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 /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 financial instrument, type of instrument	Independent Oil & Gas plc Ordinary Shares of 1p each
	Identification code	ISIN: GB00BF49WF64
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		11.95p	40,000
d)	Aggregated information	Aggregated price	Aggregated volume
		11.95p	40,000
e)	Date of the transactions	26 March 2020
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

Independent Oil and Gas plc    [phone]

Andrew Hockey (CEO)

Rupert Newall (CFO)

James Chance (Head of Corporate Finance & IR)

finnCap Ltd   [phone]

Christopher Raggett, Simon Hicks (Corporate Finance)

Camille Gochez (Corporate Broking)

Peel Hunt LLP   [phone]

Richard Crichton

David McKeown

Vigo Communications   [phone]

Patrick d'Ancona

Chris McMahon

Simon Woods

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 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², 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 Bcfe² at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and 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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