Director/PDMR Shareholding

RNS Number : 8943N

Independent Oil & Gas PLC

03 February 2021

 

3 February 2021

Independent Oil and Gas plc

Director/PDMR Shareholding

Independent Oil and Gas plc ("IOG" or the "Company"), (AIM: IOG.L), the UK gas company targeting high returns via an infrastructure-led hub strategy, announces that, on 3 February 2021, Andrew Hockey, CEO of the Company, sold 120,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a price of 16.00 pence per Ordinary Share and then repurchased, into his ISA, the same number of Ordinary Shares in the Company at an average price of 16.35 pence per Ordinary Share to facilitate an ISA transfer (the "Transfer").

Following the Transfer, Andrew Hockey and persons closely associated interests remain unchanged in 790,729 Ordinary Shares, representing approximately 0.16% per cent. of the Company's voting rights.

Further information is set out in the PDMR disclosure table below.

Enquiries:

Independent Oil and Gas plc Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Corporate Finance & IR)	[phone]
finnCap Ltd Christopher Raggett Simon Hicks	[phone]
Peel Hunt LLP Richard Crichton David McKeown	[phone]
Vigo Communications Patrick d'Ancona Chris McMahon Simon Woods	[phone]

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 21 Bcfe at Harvey. In December 2020 IOG also accepted a 50% operated stake in Licence P2589, containing the Panther and Grafton gas discoveries with management estimated 46 Bcfe and 35 Bcfe respectively. In addition IOG continues to pursue value accretive acquisitions to help 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

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	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	Sale of Ordinary Shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		16. 00 p	120,000
d)	Aggregated information	Sale of 120,000 Ordinary Shares at 16p per Ordinary Share
e)	Date of the transactions	3 February 2021
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

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)
		16.22 p	60,000
		16.48p	60,000
d)	Aggregated information	Purchase of 120,000 Ordinary Shares at an average of 16.35p per Ordinary Share
e)	Date of the transactions	3 February 2021
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

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