Grant of Share Options

RNS Number : 1338D

Jersey Oil and Gas PLC

29 January 2018

 

29 January 2018

Jersey Oil and Gas plc

("Jersey Oil and Gas" or the "Company")

Grant of Share Options

Jersey Oil and Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf ("UKCS") region of the North Sea, announces that it has today granted options over, in aggregate, 770,000 ordinary shares of 1p each in the share capital of the Company to its directors, senior management and employees at an exercise price of 200 pence per share (the "Options"), being the same price as the Company's last successful fundraising completed on 9 November 2017 (the "Fundraising")

As set out in the circular to shareholders of 24 October 2017 in respect of the Fundraising and further to, inter alia, the farm-out to Statoil (U.K.) Limited of an interest in, and the subsequent oil discovery at, Verbier (UK Seaward Licence P.2170, Blocks 20/5b & 21/1d), the Remuneration Committee has considered suitable grants of options to Executive Directors having regard to the Company's progress to date. These option awards were approved by the Remuneration Committee, as part of the Company's annual pay review completed in December 2017, under the Jersey Oil and Gas plc 2016 Enterprise Management Incentive and Unapproved Share Option Plan.

The Company has been in a close period with respect to dealings in its own shares for much of the time since completion of the Fundraising and the above-mentioned pay review such that today represents the first practical opportunity to grant these Options as further detailed below.

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 Share (pence)	Exercise Period	Total Options Held Following This Grant
Andrew Benitz	Chief Executive Officer	180,000	200	7 years	360,000
Ronald Lansdell	Chief Operating Officer	180,000	200	7 years	360,000
Scott Richardson Brown	Chief Financial Officer	120,000	200	7 years	250,000

All the Options set out in the table above for Executive Directors vest entirely on the third anniversary of their date of grant subject to the satisfaction of certain performance conditions to be determined and interpreted at the discretion of the Remuneration Committee. Subject to vesting and such performance conditions being met, the Options are exercisable at any time between the third and seventh anniversaries of their date of grant and if not exercised by that date, will lapse.

Non-Executive Directors

The following new Options have been granted to non-executive directors of the Company:

Name	Position	Number Of New Options Granted	Exercise Price Per Share (pence)	Exercise Period	Total Options Held Following This Grant
Marcus Stanton	Non-Executive Chairman	40,000	200	5 years	81,570
Frank Moxon	Non-Executive Director	20,000	200	5 years	40,000

All the Options set out in the table above for such Non-Executive Directors vest entirely on the third anniversary of their date of grant, have no performance conditions and are exercisable, in whole or in part, at any time between the third and fifth anniversaries of their date of grant, and if not exercised by that date, will lapse.

The number of Options granted to each of Marcus Stanton (Non-Executive Chairman) and Frank Moxon (Non-Executive Director) has been capped, based on their respective salary levels.

Senior Management and Employees

A further 230,000 Options, in aggregate, have been granted to certain other members of senior management and employees at the same exercise price of 200 pence per share.

Enquiries:

Jersey Oil and Gas plc	Andrew Benitz, CEO	C/o Camarco: Tel:  [phone]
Strand Hanson Limited	James Harris Matthew Chandler James Bellman	Tel:  [phone]
Arden Partners plc	Chris Hardie Benjamin Cryer	Tel: [phone]
BMO Capital Markets Limited	Neil Haycock Thomas Rider	Tel: [phone]
Camarco	Billy Clegg Georgia Edmonds  James Crothers	Tel:  [phone]

Notes to Editors:

Jersey Oil & Gas is a UK E&P Company focused on building a production focused company in the North Sea. The Company owns an 18 per cent. interest in the P.2170 "Verbier" licence, Blocks 20/5b & 21/1d, Inner Moray Firth in which the operator Statoil (U.K.) Limited owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest.

The Company plans to build a production portfolio via acquisitions coinciding with the cyclical recovery in the oil price and the current opportune buying market in the North Sea. The Company is involved in multiple sales processes and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated production acquisition strategy.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").

PDMR Notification Forms:

The notifications below are made in accordance with the requirements of MAR.

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andrew Benitz
2.	Reason for the Notification
a)	Position/status	Chief Executive Officer (Director)
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Jersey Oil & Gas plc
b)	LEI	213800RIR1SZC1734G32
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 of 1 pence each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 pence each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 200p     180,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	29 January 2018
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Ronald Lansdell
2.	Reason for the Notification
a)	Position/status	Chief Operating Officer (Director)
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Jersey Oil & Gas plc
b)	LEI	213800RIR1SZC1734G32
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 of 1 pence each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 pence each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 200p     180,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	29 January 2018
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Scott Richardson Brown
2.	Reason for the Notification
a)	Position/status	Chief Financial Officer (Director)
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Jersey Oil & Gas plc
b)	LEI	213800RIR1SZC1734G32
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 of 1 pence each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 pence each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 200p     120,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	29 January 2018
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Marcus Stanton
2.	Reason for the Notification
a)	Position/status	Non-Executive Chairman (Director)
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Jersey Oil & Gas plc
b)	LEI	213800RIR1SZC1734G32
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 of 1 pence each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 pence each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 200p     40,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	29 January 2018
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Frank Moxon
2.	Reason for the Notification
a)	Position/status	Non-Executive Director (Director)
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Jersey Oil & Gas plc
b)	LEI	213800RIR1SZC1734G32
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 of 1 pence each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 pence each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 200p     20,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	29 January 2018
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

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