PDMR Issue of Share Options

RNS Number : 7229W
i3 Energy PLC
19 April 2023
 

19 April 2023

i3 Energy plc

("i3", "i3 Energy", "i3 Canada", or the "Company")

PDMR Issue of Share Options

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces that it has issued options over 3,000,000 ordinary shares in the Company to Jason Dranchuk, the Chief Financial Officer and a Person Discharging Managerial Responsibilities (a "PDMR") of the Company, as detailed below. The options are part of i3's management incentive and are in accordance with existing share schemes.

PDMR

Number of options granted

Exercise Price

Jason Dranchuk

3,000,000

20.00p

 

Vesting is subject to the achievement of performance-related milestones as follows:

One-third upon achieving production of 26,000 boepd;

One-third upon the addition of 5,000 boepd via acquisitions; and

One-third upon the addition of 25 MMbbl of 2P reserves.

The award shall vest as to one-third upon the first, second and third anniversary of the grant date, to the extent the award has not otherwise vested in accordance with the above provisions.

Regardless of the above, 100% of the options will vest if there is a change of control of the Company.  The options were granted under the Company's Employee Share Option Plan.

Further disclosures are contained in the table below.

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jason Dranchuk

2

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

i3 Energy plc

b)

LEI

213800949OZA9QA9FS17

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 

Identification code

Options over Ordinary Shares of 0.0001 pence each  . 

GB00BDHXPJ60

 

b)

Nature of the transaction

Grant of options over Ordinary Shares

c)

Price(s) and volume(s)

Price - 20.00p and Volume - 3,000,000

d)

Aggregate information

-  Aggregated volume

-  Price

N/A single transaction

e)

Date of the transaction

18 April 2023

f)

Place of the transaction

Outside a trading venue

 

Enquiries:

i3 Energy plc

Majid Shafiq (CEO)

c/o Camarco

Tel: +44 (0) 203 781 8331

 


WH Ireland Limited (Nomad and Joint Broker)

James Joyce, Darshan Patel

 

Tel: +44 (0) 207 220 1666

 


Tennyson Securities (Joint Broker)

Peter Krens

 

Tel: +44 (0) 207 186 9030

 


Stifel Nicolaus Europe Limited (Joint Broker)

Ashton Clanfield, Callum Stewart

 

Tel: +44 (0) 20 7710 7600

 


Camarco

Georgia Edmonds, Violet Wilson, Sam Morris

 

Tel: +44 (0) 203 781 8331

 

Notes to Editors:

i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canada's most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside.

The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets.

i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance ("ESG") practices.  i3 is proud of its performance to date as a responsible steward of the environment, people, and capital management.  The Company is committed to maintaining an ESG strategy, which has broader implications for long-term value creation, as these benefits extend beyond regulatory requirements.

i3 Energy is listed on the AIM market of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further information on i3 Energy please visit  https://i3.energy/ .

This announcement does not contain inside information.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHILMATMTIBMLJ

Companies

I3 Energy (I3E)
UK 100

Latest directors dealings