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    +44 (0) 20 7036 1400

Andrew Hockey (CEO)

Rupert Newall (CFO)

James Chance (Head of Corporate Finance & IR)

 

finnCap Ltd   +44 (0) 20 7220 0500

Christopher Raggett, Simon Hicks (Corporate Finance)

Camille Gochez (Corporate Broking)

 

Peel Hunt LLP   +44 (0) 20 7418 8900

Richard Crichton

David McKeown

 

Vigo Communications   +44 (0) 20 7390 0230

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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