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Independent Oil &Gas (IOG)

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Thursday 06 December, 2018

Independent Oil &Gas

Issue of New Shares and Director Shareholding

RNS Number : 7285J
Independent Oil & Gas PLC
06 December 2018
 

 

6 December 2018

Independent Oil and Gas plc

 

Issue of New Shares and Director Shareholding

 

Independent Oil and Gas plc ('IOG' or the 'Company) (AIM: IOG.L), the development and production focused oil and gas company, has today issued a total of 162,114 ordinary shares ('New Ordinary Shares') in the capital of the Company.

On 5 December 2018, a notice was submitted by Mark Routh, the Chairman of the Company, to exercise 162,114 1p options over Ordinary Shares awarded to him, pursuant to a share option agreement dated 19 November 2014.

The Company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trade on AIM ('Admission').  Admission is expected to occur on 12 December 2018.  Following Admission there will be 126,868,156 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 and Transparency Rules.

This exercise of options increases Mark Routh's holding in the Company from 7,236,956 Ordinary Shares, being 5.71% of the current number of shares in issue to 7,399,070 Ordinary Shares being 5.83% of the enlarged share capital of the Company.

Mark Routh has informed the Company that it his intention to hold this number of shares in IOG and will not sell down any shares in the Company to meet the personal tax liability that crystallises upon exercise of these options.

 

1.            

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Routh

2.            

Reason for the Notification

a)

Position/status

Chairman/Director

b)

Initial notification/Amendment

Amendment

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

Exercise of options over ordinary shares

Identification code

GB00BF49WF64

b)

Nature of the transaction

Exercise of options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1p

162,114

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

 

e)

Date of the transaction

6 December 2018

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

 

-ENDS-

Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.

 

Enquiries:

Independent Oil and Gas plc

Andrew Hockey (CEO)

James Chance (CFO)

+44 (0) 20 3879 0510

finnCap Ltd

Christopher Raggett

Anthony Adams

+44 (0) 20 7220 0500

Peel Hunt LLP

Richard Crichton

David McKeown

+44 (0) 20 7418 8900

Camarco

Georgia Edmonds/ Tom Huddart/ Monique Perks

+44 (0) 20 3757 4980

 

Notes

 

About Independent Oil and Gas:

 

IOG owns substantial low risk, high value gas reserves in the UK Southern North Sea.  The Company is targeting a 2P peak production rate of 114 MMCF/d (c. 20,000 Boe/d) from its substantial Core Project (2P gas Reserves of 302 BCF) via an efficient hub strategy.  In addition to the independently verified 2P reserves, IOG now has independently verified 2C contingent gas resources of 108 BCF in Goddard and best estimate unrisked prospective gas resources of 202 BCF in Harvey and Goddard.  Alongside this IOG continues to pursue value accretive acquisitions to generate significant shareholder returns.  All IOG's licences and the Thames Pipeline are owned 100% and operated by IOG.

 

Further information can be found on www.independentoilandgas.com


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