25 Jun 2019 12:48
25 June 2019
Eland Oil & Gas PLC
("Eland" or the "Company")
Director and PCA Dealing
Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria announces that George Maxwell, Chief Executive Officer of Eland Oil and Gas completed the share transactions set out in the table below.
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
Notification of public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated by them.
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name: | George Maxwell | |
2 | Reason for the notification | ||
a) | Position/status | Director (Chief Executive Officer) | |
b) | Initial notification /Amendment
| Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a)
| Name
| Eland Oil & Gas Plc | |
b)
| LEI | 213800QDGQKG3JKKRR86 | |
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
| Ordinary Shares of £0.10 per share par value
GB00B8HHWX64 | |
b)
| Nature of the transaction
| Purchase of ordinary shares | |
c)
| Price(s) and volume(s)
| Call Price(s) | Volume(s) |
119.83p | 8,345 | ||
d)
| Aggregated information - Aggregated volume - Price | Date 25/06/2019 8,345 119.83 pence / share | |
e)
| Date of the transaction | 25 June 2019
| |
f)
| Place of the transaction | LSE XLON | |
ENDS
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Ronald Bain, CFO
Finlay Thomson, IR
Peel Hunt LLP, Nominated Adviser & Joint Broker (+44 (0)20 7418 8900)
Richard Crichton / David McKeown
Stifel Nicolaus Europe Limited, Joint Broker (+44 (0)20 7710 7600)
Callum Stewart / Nicholas Rhodes / Ashton Clanfield
Camarco (+44 (0) 203 757 4980)
Billy Clegg / Georgia Edmonds / Tom Huddart
Notes to editors:
Eland Oil & Gas is an AIM-listed independent oil and gas company focused on production and development in West Africa, particularly the highly prolific Niger Delta region of Nigeria. Through its joint venture company Elcrest, Eland's core asset is a 45% interest in OML 40 which is in the Northwest Niger Delta approximately 75 km northwest of Warri and has an area of 498 km². In addition, the Company has a 40% interest in the Ubima Field, onshore Niger Delta, in the northern part of Rivers State.
The OML 40 licence holds gross 2P reserves of 82.2 million barrels, gross 2C contingent resources of 50.7 million barrels and a best estimate of 252.1 million barrels of gross un-risked prospective resources*. The Ubima field holds gross 2P reserves of 9.3 million barrels of oil and gross 2C resource estimates of 4.2 million barrels*.
Net production figures relate to Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), Eland's joint venture company. Production rates, when oil is exported via Forcados, are as measured at the Opuama PD meter, are subject to reconciliation and will differ from sales volumes.
*Netherland, Sewell & Associates Inc CPR report 31 December 2018
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.