Last checked at 8 Nov 2019 16:42
i3 Energy plc
("i3" or the "Company")
Issue of Share Options
i3 Energy plc announces that it has issued options over a total of 2,142,859 ordinary shares ("Options"), granted conditionally upon the completion of the Placing announced earlier today, to directors and key management in accordance with the rules of the Company's Share Option Plan. The exercise price of the Options will be £0.35 per share, the issue price of today's Placing Shares.
The number of Options issued to directors are as follows:
| Options issued |
Richard Ames | 23,058 |
Linda Beal | 23,058 |
Neill Carson | 23,058 |
Graham Heath | 243,755 |
David Knox | 150,000 |
Majid Shafiq | 296,458 |
The Options hold the following vesting conditions:
·; One-third upon a successful well result at the A2 well proving commercial hydrocarbons;
·; One-third upon securing funding for the Liberator Phase I or Serenity development; and
·; One-third on increasing gross reserves to 50 million barrels or achieving first oil from the Company's licences.
Regardless of the above, 100% of the options will vest at first oil from the Company's licences or if there is a change of control of the Company.
Immediately following this announcement, the Company has in issue 93,433,685 Ordinary Shares of £0.0001 each, 5,000 deferred shares of £10.00 each, 2,875,244 share options with an exercise price of £0.55 each, 2,737,828 options with an exercise price of £0.635 each, 6,020,000 options with an exercise price of £0.395, and 2,142,859 conditional Options with an exercise price of £0.35 each.
ENDS
CONTACT DETAILS:
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| Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
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1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||||
a) | Name | Maid Shafiq | |||||||
2 | Reason for the notification | ||||||||
a) | Position/status | CEO | |||||||
b) | Initial notification/ Amendment | Initial | |||||||
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
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b) | Nature of the transaction | Share Option Plan | |||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
296,458 £0.35 | |||||||
e) | Date of the transaction | 08/11/2019 | |||||||
f) | Place of the transaction | Off market | |||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Graham Heath | ||||
2 | Reason for the notification | |||||
a) | Position/status | CFO | ||||
b) | Initial notification/ Amendment | Initial | ||||
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
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b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
243,755 £0.35 | ||||
e) | Date of the transaction | 08/11/2019 | ||||
f) | Place of the transaction | Off market | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Richard Ames | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification/ Amendment | Initial | ||||
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
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b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
23,058 £0.35 | ||||
e) | Date of the transaction | 08/11/2019 | ||||
f) | Place of the transaction | Off market | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Neill Carson | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification/ Amendment | Initial | ||||
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
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b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
23,058 £0.35 | ||||
e) | Date of the transaction | 08/11/2019 | ||||
f) | Place of the transaction | Off market | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | David Knox | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Chairman | ||||
b) | Initial notification/ Amendment | Initial | ||||
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
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b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
150,000 £0.35 | ||||
e) | Date of the transaction | 08/11/2019 | ||||
f) | Place of the transaction | Off market | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Linda Beal | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification/ Amendment | Initial | ||||
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
| ||||
b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
23,058 £0.35 | ||||
e) | Date of the transaction | 08/11/2019 | ||||
f) | Place of the transaction | Off market | ||||