Grant of Share Options

RNS Number : 4681Y

Independent Oil & Gas PLC

02 January 2020

 

2 January 2020

Independent Oil and Gas plc

Grant of Share Options to Incentivise Long Term Performance

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that it has today granted options over, in aggregate, 9,956,923 1p Ordinary Shares in the Company ("Ordinary Shares") to its executive directors, senior management and employees (the "Options").

The new Options set out in the tables below for executive directors, senior management and employees are intended to reward long term performance and all vest three years from the date of grant subject to a compound annual Total Shareholder Return of 10% being achieved. Subject to vesting and such performance conditions being met, the new Options are exercisable for up to ten years from the date of grant and will lapse if not exercised by such date.

Executive Directors

The following new Options have been granted to Executive Directors of the Company:

Name	Position	Number of New Options Granted	Exercise Price per Ordinary Share (pence)	Vesting Period	Exercise Period	Total Options Held Following This Grant
Andrew Hockey	CEO	2,256,410	1p	3 years	10 years	5,724,150
Mark Hughes	COO	1,572,650	1p	3 years	10 years	3,754,713
Rupert Newall	CFO	1,709,402	1p	3 years	10 years	3,150,368

Senior Management and Employees

The following new Options have been granted to Senior Management and Employees:

Name	Position	Number of New Options Granted	Exercise Price per Ordinary Share (pence)	Vesting Period	Exercise Period	Total Options Held Following This Grant
James Chance	Head of Corporate Finance	1,504,274	1p	3 years	10 years	4,725,039
Robin Storey	General Counsel	820,513	1p	3 years	10 years	820,513
	Other Employees	2,093,675	1p	3 years	10 years	n/a

Fiona MacAulay, Chair of IOG, commented:

"The Company's Share Option Plan is designed to retain and incentivise key members of IOG's management and employees to ensure that they continue to implement a proactive health, safety and environment focused culture, ensure key project milestones are met and deliver material share price growth for all our shareholders and stakeholders over the coming years. The demanding performance criteria for these awards include a three-year vesting period, taking us beyond first gas on our Core Project, and a requirement to deliver 10% compound annual shareholder returns over that period.

-ENDS-

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 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

Notes:

Person Discharging Managerial Responsibilities ("PDMR") Notification Forms

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Andrew Hockey
2.	Reason for the notification
(a)	Position/status	CEO
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		1p	2,256,410
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	2 Jan 2020
(g)	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	COO
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		1p	1,572,650
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	2 Jan 2020
(g)	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	CFO
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		1p	1,709,402
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	2 Jan 2020
(g)	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
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		1p	1,504,274
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	2 Jan 2020
(g)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Robin Storey
2.	Reason for the notification
(a)	Position/status	General Counsel and Company Secretary
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		1p	820,513
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	2 Jan 2020
(g)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

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 continues to pursue value accretive acquisitions to generate significant shareholder returns.

¹ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression

²ERC Equipoise Competent Persons Report: October 2018

 

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