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18 Apr 2019 14:45
18 April 2019
Diversified Gas & Oil PLC
("DGO" or the "Company")
Annual Report & Accounts - Correction
Diversified Gas & Oil PLC (AIM: DGOC), a US based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, announces that it has become aware of an error in relation to the directors' remuneration tables set out on page 24 of the 2018 Annual Report published on 18 March 2019.
The directors' remuneration figures included in the tables for the years ended 31 December 2018 and 31 December 2017 were in fact the directors' remuneration figures for the years ended 31 December 2017 and 31 December 2016.
The tables including the correct figures for 2018 are included below and a corrected 2018 Annual Report will be uploaded to the Company's website shortly:
Year ended 31 December 2018
Director | Type | Notes | Salary
$'000 | Share based payments $'000 | Other remuneration
$'000 | Fees
$'000 | Total
$'000 |
Robert R. Hutson Jr | Executive | a | 363 | 100 | 120 | - | 583 |
Bradley G. Gray | Executive | b | 319 | 46 | 93 | - | 458 |
Robert M. Post | Non-Executive |
| - | - | - | 58 | 58 |
Martin K. Thomas | Non-Executive |
| - | - | - | 75 | 75 |
David E. Johnson | Non-Executive |
| - | - | - | 75 | 75 |
Total | 682 | 146 | 213 | 208 | 1,249 | ||
Notes:
(a) On April 16, 2018, the Company issued 6,000,000 stock options to Robert R. Hutson, Jr. For the year ended 31 December 2018, the expense related to these options was $100 thousand and is included in 'Share based payments'. 'Other remuneration' for Robert R. Hutson, Jr included a $120 thousand cash bonus.
(b) On April 16, 2018, the Company issued 2,750,000 stock options to Bradley G. Gray. For the year ended 31 December 2018, the expense related to these options was $46 thousand and is included in 'Share based payments'. 'Other remuneration' for Bradley G. Gray included an $85 thousand cash bonus and automobile reimbursement of $8 thousand.
Year ended 31 December 2017
Director | Type | Notes | Salary
$'000 | Share based payments $'000 | Other remuneration
$'000 | Fees
$'000 | Total
$'000 |
Robert R. Hutson Jr | Executive | b | 390 | - | 245 | - | 635 |
Bradley G. Gray | Executive | c | 377 | - | 148 | - | 525 |
Robert M. Post | Executive | a, b | 66 | - | 280 | 17 | 363 |
Martin K. Thomas | Non-Executive |
| - | - | - | 63 | 63 |
David E. Johnson | Non-Executive |
| - | - | - | 59 | 59 |
Total | 833 | - | 673 | 139 | 1,645 | ||
Notes:
(a) Mr Robert M. Post was Executive Chairman of the Company until 28 July 2017 when he became Non-Executive Chairman.
(b) For the year ended 31 December 2017, 'other remuneration' for Robert M. Post and Rusty R. Hutson, Jr. included a reimbursement of one-time expenses incurred as a result of the contribution of assets from individually owned entities to Diversified Gas and Oil Corporation.
(c) For the year ended 31 December 2017, 'other remuneration' for Bradley G. Gray included a $148 thousand cash bonus.
For further information contact:
Diversified Gas & Oil PLC Rusty Hutson Jr., Chief Executive Officer Brad Gray, Chief Operating Officer and Finance Director Eric Williams, Chief Financial Officer www.dgoc.com
| + 1 (205) 408 0909
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| + 1 (205) 408 0909
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Cenkos Securities plc (Nominated Adviser) Russell Cook Katy Birkin Ben Jeynes
| +44 (0)20 7397 8900
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| +44 20 7131 4000
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Mirabaud Securities Limited (Joint Broker) Peter Krens Edward Haig-Thomas
| +44 (0)20 3167 7221
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| +44 20 3167 7222
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Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart Nicholas Rhodes Ashton Clanfield
| +44 (0)20 7710 7600 |
| +44 20 7710 7600
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Buchanan (Financial Public Relations) Ben Romney Chris Judd James Husband dgo@buchanan.uk.com
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+44 (0)20 7466 5000
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