19 Oct 2010 07:00
19 October 2010
IGAS ENERGY PLC ("IGas", "the Company" or "the Group")
Changes to the Board and Grants under LTIP schemes
Changes to the Board
IGas Energy plc today announces that John Blaymires, who joined the Company in April 2010 as Chief Operating Officer will join the Board with immediate effect. In addition Francis Gugen will become non-executive Chairman.
Mr John Blaymires has 27 years of international experience in the oil and gas industry gained with the Hess Corporation and Shell International. Before joining IGas he was Director of Technology Development for Hess based in Houston, where he helped develop a global engineering and geoscience technology group responsible for providing support across the E&P business, from deepwater to unconventional resources. Prior to that John was Technical Director for Hess' operations in West Africa, and subsequently South East Asia with responsibility for several major oil and gas developments. John has a BSc and PhD in Mining Engineering from Leeds University.
Commenting on the changes Francis Gugen, Chairman said:
"John has made a substantial contribution to the Company since his arrival over 6 months ago. As the Company moves from appraisal to production, and operational matters become ever more important John's in depth experience will be critical in the next stage of the Group's development. I and my colleagues welcome John to the Board and look forward to his continuing involvement."
Mr John Blaymires:
·; Current Directorships: None
·; Former directorships (held within the last 5 years): None
·; There are no other details to report pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules.
Grants under long term incentive plan ("LTIP") schemes
Following a review by the Remuneration Committee and its independent remuneration advisers, the Board of IGas has approved the implementation of long-term incentive arrangements for the Company's directors and employees, in accordance with arrangements previously approved by the shareholders in general meeting.
Following the adoption by the board of the IGas Energy Plc Super Long Term Incentive Plan ("Super LTIP") and the IGas Energy Plc Option Plan ("Option Plan") on 14 October 2010, IGas approved the issue of options over its ordinary shares on 18 October 2010 to the following directors:
| Name | Super LTIP | Option Plan |
| Andrew Austin | 700,000 | 0 |
| John Blaymires | 375,000 | 910,930 |
The options granted under the Super LTIP have been issued at nil cost. A proportion of these options will vest following the achievement of stretching share price targets rising to full vesting for exceptional performance, after consultation with a number of the major institutional investors of IGas.
In accordance with the terms of his recruitment, John Blaymires has been granted options under the Option Plan. These options have been issued with an exercise price of 70p per share, and vest annually over three years in three equal installments, subject to the attainment of a share price target.
Further details of share price targets will be provided in the Company's 2010 Remuneration Report as will the arrangements whereby certain of the Super LTIP and Option shares will be covered by the Enterprise Management Incentive and an Employee Benefit Trust.
For further information please contact:
| Island Gas Resources | Tel: +44 (0)20 7993 9901 |
| Andrew Austin, Chief Executive Officer |
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| RBS Hoare Govett | Tel: +44 (0)20 7085 5000 |
| Stephen Bowler/ John MacGowan |
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| Kreab Gavin Anderson | Tel: +44 (0)20 7074 1800 |
| Ken Cronin/ Kate Hill/ Anthony Hughes |
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Notes to Editors:
IGas Energy plc ("IGas")
IGas was set up to produce and market domestic sourced gas, primarily from unconventional reservoirs, particularly coal bed methane. IGas is now producing gas from its pilot production site at Doe Green in Warrington and selling electricity through its on-site generation, a UK first from CBM. Initial production rates indicate that the Company should exceed its threshold for commerciality.
IGas has ownership interests of between 20 and 100 per cent in eleven PEDLs in the UK, wholly owns two methane drainage licences and has a 75 per cent interest in three offshore blocks under one Seaward Petroleum Production Licence. These licenses cover a gross area of approximately 1,756 km2. The mid case GIIP is 3,823 Bcf (source: Equipoise Solutions Ltd), excluding any shale potential.
The coal seam both generates and traps the gas, which can be extracted by drilling into the seam and collected for use as fuel. CBM is exactly the same as other forms of natural gas, and is used to provide both industrial and domestic power and has the potential to be an important new source of energy for the UK.