Last checked at 19 Apr 2023 07:00
19 April 2023
i3 Energy plc
("i3", "i3 Energy", "i3 Canada", or the "Company")
PDMR Issue of Share Options
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces that it has issued options over 3,000,000 ordinary shares in the Company to Jason Dranchuk, the Chief Financial Officer and a Person Discharging Managerial Responsibilities (a "PDMR") of the Company, as detailed below. The options are part of i3's management incentive and are in accordance with existing share schemes.
PDMR | Number of options granted | Exercise Price |
Jason Dranchuk | 3,000,000 | 20.00p |
Vesting is subject to the achievement of performance-related milestones as follows:
- One-third upon achieving production of 26,000 boepd;
- One-third upon the addition of 5,000 boepd via acquisitions; and
- One-third upon the addition of 25 MMbbl of 2P reserves.
The award shall vest as to one-third upon the first, second and third anniversary of the grant date, to the extent the award has not otherwise vested in accordance with the above provisions.
Regardless of the above, 100% of the options will vest if there is a change of control of the Company. The options were granted under the Company's Employee Share Option Plan.
Further disclosures are contained in the table below.
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Jason Dranchuk |
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 | 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 of 0.0001 pence each . GB00BDHXPJ60
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b) | Nature of the transaction | Grant of options over Ordinary Shares |
c) | Price(s) and volume(s) | Price - 20.00p and Volume - 3,000,000 |
d) | Aggregate information - Aggregated volume - Price | N/A single transaction |
e) | Date of the transaction | 18 April 2023 |
f) | Place of the transaction | Outside a trading venue |
Enquiries:
i3 Energy plc Majid Shafiq (CEO) | c/o Camarco Tel: +44 (0) 203 781 8331 |
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WH Ireland Limited (Nomad and Joint Broker) James Joyce, Darshan Patel |
Tel: +44 (0) 207 220 1666 |
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Tennyson Securities (Joint Broker) Peter Krens |
Tel: +44 (0) 207 186 9030 |
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Stifel Nicolaus Europe Limited (Joint Broker) Ashton Clanfield, Callum Stewart |
Tel: +44 (0) 20 7710 7600 |
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Camarco Georgia Edmonds, Violet Wilson, Sam Morris |
Tel: +44 (0) 203 781 8331 |
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canada's most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets.
i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance ("ESG") practices. i3 is proud of its performance to date as a responsible steward of the environment, people, and capital management. The Company is committed to maintaining an ESG strategy, which has broader implications for long-term value creation, as these benefits extend beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further information on i3 Energy please visit https://i3.energy/.
This announcement does not contain inside information.