Issue of Equity / PDMR Shareholding

RNS Number : 6438T

Independent Oil & Gas PLC

26 March 2021

 

26 March 2021

Independent Oil and Gas plc

Issue of Equity and PDMR Shareholding

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production company focused on becoming a substantial UK gas producer, has issued a total of 473,568 ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares").

On 24 March 2021, a notice was submitted by James Chance, a PDMR of the Company, to exercise 473,568 options over Ordinary Shares pursuant to a Salary Sacrifice Share Option agreement (the "Exercise"). The options were originally issued in 2016 and were close to expiry. To part fund the personal tax liabilities crystallised by the Exercise, James Chance has sold a total of 186,602 Ordinary Shares at a weighted average price of 17.19p per Ordinary Share.

On Admission James Chance will hold 578,463 Ordinary Shares, representing approximately 0.12% of the share capital of the Company on Admission.

Issue of Equity

The Company has applied to the London Stock Exchange for admission of 473,568 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on 31 March 2021.  Following Admission there will be 488,857,611 Ordinary Shares in issue. Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

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 and IR
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	Options over ordinary shares Ordinary Shares
	Identification code	GB00BF49WF64
b)	Nature of the transaction	Exercise of options over ordinary shares Sale of ordinary shares
c)	Price(s) and volume(s)	Exercise of options over ordinary shares Price(s) Volume(s) 1p 473,568 Sale of ordinary shares Price(s) Volume(s) 17.19p 186,602
d)	Aggregated information: · Aggregated volume · Price	See 4(c)
e)	Date of the transaction	24 March 2021
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

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 and management estimated 2C gas Contingent Resources of 132 Bcfe, via an efficient hub strategy based on co-owned infrastructure. In addition to its 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C contingent resources at Goddard, it has management estimated gross 2C contingent resources of 23 Bcfe at Abbeydale and unrisked mid-case prospective resources of 66 Bcfe at Thornbridge, 31 Bcfe at Southsea, 31 Bcfe at Kelham, 27 Bcfe and 16 Bcfe in the two Goddard flank structures, and 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 gross mid-case contingent resources of 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  

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

 

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