Grant of Share Options

RNS Number : 6390S

Jersey Oil and Gas PLC

18 March 2021

 

18 March 2021

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

Grant of Share Options

Jersey Oil & 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, 522,000 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") to its Directors, senior management and employees (the "Options"). The Options have been granted at an exercise price of 210p, representing a premium of approximately 15.7 per cent. to the middle market closing price of an Ordinary Share of 181.5p on 17 March 2021, being the latest practicable date prior to this announcement.

A total of 2,781,689 Option awards are outstanding following these new grants, which will represent approximately 9.0 per cent. of the Company's enlarged share capital of 30,920,136 Ordinary Shares following shareholder approval and completion of the placing and subscription elements of the Company's fundraising announced yesterday (excluding any further Ordinary Shares which may be issued pursuant to the forthcoming offer for subscription for qualifying participants).

The Option awards were approved by the Remuneration Committee, and by the Board in respect of the Options awarded to Non-Executive Directors, as part of the Company's annual pay review process. The Options have been issued under the Jersey Oil and Gas plc 2016 Enterprise Management Incentive and Unapproved Share Option Plan. Further details of the Option awards are set out 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 Ordinary Share (pence)	Exercise Period	Total Options Held Following This Grant
Andrew Benitz	Chief Executive Officer	110,000	210	7 years	540,000
Ronald Lansdell	Chief Operating Officer	110,000	210	7 years	540,000
Vicary Gibbs	Chief Financial Officer	75,000	210	7 years	265,000

The new Options set out in the table above for Executive Directors all vest in three equal tranches (one, two and three years from the date of grant) and are 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 new Options are exercisable for up to seven years from their date of grant and will lapse if not exercised by such date.

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 Ordinary Share (pence)	Exercise Period	Total Options Held Following This Grant
Marcus Stanton	Non-Executive Chairman	20,000	210	5 years	121,570
Frank Moxon	Non-Executive Director	15,000	210	5 years	70,000

The new Options set out in the table above for Non-Executive Directors all vest in three equal tranches (one, two and three years from the date of grant) and have no performance conditions.  Subject to vesting, the new Options are exercisable for up to five years from their date of grant and will lapse if not exercised by such date.

Senior Management and Employees

A further 192,000 new Options, in aggregate, have been granted to certain other members of senior management and employees at the same exercise price of 210 p per Ordinary 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	Paul Shackleton Benjamin Cryer	Tel: [phone]
Camarco	Billy Clegg James Crothers	Tel: [phone]

Notes to Editors :

Jersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company holds a significant acreage position within the Central North Sea referred to as the Greater Buchan Area ( " GBA " ), which includes operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 and Glenn oil discoveries and an 100% working interest in the P2170 Licence Blocks 20/5b & 21/1d  (subject to the O il & G as A uthority's approval of the acquisition of CIECO V&C UK Limited as announced on 26 November 2020), that contain the Verbier oil discovery and other exploration prospects

JOG's total GBA acreage is estimated by management to contain 190 million barrels of oil equivalent ( " mmboe " ) of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 220 mmboe of prospective resources in close proximity to our planned Buchan platform. JOG has recently concluded the Concept Select Phase of an FDP for the Greater Buchan Area and plans to progress into Front End Engineering and Design (FEED) later this year.

JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.

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 as it forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018 ("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 penny each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 pennny each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 210p   110,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	18 March 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	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 penny each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 penny each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 210p  110,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	18 March 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	Vicary Gibbs
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 penny each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 penny each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 210p   75,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	18 March 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	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 penny each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 penny each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 210p   20,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	18 March 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	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 penny each in the Company
	Identification code	GB00BYN5YK77
b)	Nature of the Transaction	Grant of Options over ordinary shares of 1 penny each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 210p   15,000
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	18 March 2021
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

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