Directorate Change and Grant of Options

RNS Number : 2988J

Union Jack Oil PLC

04 December 2018

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

4 December 2018

Union Jack Oil plc

("Union Jack" or the "Company")

Director Appointment

Grant of Share Options

Union Jack Oil plc (AIM: UJO, a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce the appointment of Frazer Lang as a Non-Executive Director of the Company with immediate effect.

Frazer is also an Executive Director of Union Jack's Commercial Partner, Humber Oil & Gas Limited ("Humber"), with whom Union Jack established a relationship in March 2018, whereby both parties seek to co-invest in UK onshore hydrocarbon opportunities.

Since entering into the partnership, three significant commercial collaborations have taken place between Humber and Union Jack, acquiring joint interests in PEDL253 Biscathorpe, where site work is nearly complete for the drilling of the Biscathorpe-2 appraisal well, expected to be spudded during December 2018, PEDL183 containing the major West Newton-1 gas discovery, where an appraisal well is planned to be drilled in Q1 2019, and PEDLs 180/182 containing the Wressle-1 discovery, where permission for oil field development is being sought.

David Bramhill, Executive Director of Union Jack, commented:

"The appointment of Frazer Lang to the Board of Union Jack reflects the close alliance between the Company and Humber and is a logical progression for the future.

We welcome Frazer to the team and look forward to what could be transformational times in the near term for both Union Jack and Humber given our joint interests in two potential high impact projects at Biscathorpe and West Newton where appraisal wells are imminent and the proposed oil field development of the Wressle-1 discovery."

Frazer Lang, Non-Executive Director of Union Jack, commented:

"I am delighted to join the board of Union Jack and I look forward to working closely with the team to maximise value for all shareholders by advancing our near term projects and evaluating new, value accretive opportunities.

We have an exciting time ahead of us and success in any one of our projects will be transformational for our Company."

Grant of Share Options

On appointment, Frazer Lang will be granted 30,000,000 Share Options in the Company.

The Share Options have an exercise price of 0.11 pence being the mid-market closing price as of 3 December 2018.

The vesting period is 3 years from the date of grant.

The Share Options can only be exercised if the share price is at a 30% premium to the exercise price.

The Share Options granted represent approximately 0.035% of the total issued share capital.

Related Party Transaction

The grant of the options is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies.

David Bramhill, Joseph O`Farrell, Raymond Godson and Graham Bull being the independent directors, consider, having consulted the Company`s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

Beneficial Interest in Union Jack

Frazer Lang is beneficially interested in 1,267,606,538 Ordinary Shares of Union Jack held by G.P. (Jersey) Limited representing 15% of the total issued share capital of the Company.

PDMR Notification

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Full name of person Dealing	Frazer Allen Bertie Lang
2.	Reason for notification
(b)	Position/status	Non-Executive Director
(c)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)	Name of entity	Union Jack Oil plc
(e)	LEI	2138005VW7IUUUPY5Q88
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 0.025 pence each in the Company
(b)	Identification code	GB00B814XC94
(c)	Nature of the transaction	Grant of options over ordinary shares
(d)	Price(s) and volume(s)	Prices(s) Volume(s) 0.11 pence 30,000,000
(e)	Aggregated information: - Aggregated volume - Price	Single transaction as in 4(d) above Prices(s) Volume(s) 0.11 pence 30,000,000
(f)	Date of transaction	4 December 2018
(g)	Place of transaction	Outside a trading venue

Appendix

Further information on Frazer Lang as required by Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies is detailed below:

Frazer Allen Bertie Lang, aged 28, is or has been a director of the following companies over the past five years:

Current Directorships	Past Directorships
Humber Oil & Gas Limited	N/A
G.P. (Jersey) Limited

There is no further information to be disclosed for Frazer Lang as required under Schedule Two paragraph (g) of the AIM Rules for Companies.

For further information please contact the following:

Union Jack Oil plc	[phone]
David Bramhill
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser
Lindsay Mair
Richard Hail

 

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