25 May 2018 09:15
25 May 2018
Eland Oil & Gas PLC
("Eland" or the "Company")
Long Term Incentive Plan ("LTIP") Awards
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 on 25th May 2018 it granted awards under the Long Term Incentive Plan adopted in November 2017 to two executive Directors. The awards have been made following release of the results for the year ended 31st December 2017.
Name | Awards | Vesting date | Total options following this grant |
George Maxwell | 450,000 | 25 May 2021 | 4,450,814 |
Ron Bain | 250,000 | 25 May 2021 | 1,450,000 |
Background and Performance Conditions:
It is the aim of the Remuneration Committee to reward key employees on a basis which is aligned to the performance of the Company and as such a significant portion of remuneration is based on performance. The vesting period for all criteria is 3 years commencing 25th May 2018.
· Share Price: 60% share price performance with an award price of 80p with a hurdle of 5% per annum compound before vesting is triggered and then vesting in a straight line to 100% vesting at £1.60.
· Production: 25% production target commencing at 30 thousand barrels of oil per day ("mbopd") sales barrels averaged over a continuous three-month period with straight line vesting to 100% at 45mbopd calculated as per last year's award.
· Reserves: 15% reserves target. A minimum threshold of 10% compound increase in certified 2P reserves, the base calculated adding back annual production over the three years with straight line vesting to 100% at 20% per annum compound.
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 | 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 £0.10 each GB00B8HHWX64 | |
b)
| Nature of the transaction
| Shares Options through Company's Long Term Incentive Plan | |
c)
| Price(s) and volume(s)
| Call Price(s) | Volume(s) |
10p | 450,000 | ||
d)
| Aggregated information - Aggregated volume - Price | Date 25/05/2018 450,000 @ 10pence
| |
e)
| Date of the transaction | 25th May 2018
| |
f)
| Place of the transaction | Outside a trading venue | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name: | Ronald Bain
| |
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 | 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 £0.10 each GB00B8HHWX64 | |
b)
| Nature of the transaction
| Shares Options through Company's Long Term Share Incentive Plan | |
c)
| Price(s) and volume(s) | Call Price(s) | Volume(s) |
10p | 250,000 | ||
d)
| Aggregated information - Aggregated volume - Price | Date 25/5/18 450,000 @ 10pence
| |
e)
| Date of the transaction | 25th May 2018
| |
f)
| Place of the transaction | Outside a trading venue | |
ENDS
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Ronald Bain, CFO
Finlay Thomson, IR
Canaccord Genuity Limited (+44 (0)20 7523 8000)
Henry Fitzgerald O'Connor / James Asensio
Panmure Gordon (UK) Limited (+44 (0)20 7886 2500)
Adam James / Atholl Tweedie
James Stearns
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 75km northwest of Warri and has an area of 498km². 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 83.4 mmbbls, gross 2C contingent resources of 40.4 mmbbls and a best estimate of 254.5 mmbbls of gross unrisked prospective resources.* The Ubima field holds gross 2P reserves of 2.4 mmbbls of oil and gross 2C resource estimates of 31.1 mmbbl.**
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.
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.