24 May 2019 07:00
24 May 2019
Independent Oil & Gas plc
Appointment of Independent Non-Executive Director
Independent Oil and Gas plc ("IOG" or the "Company"), the development and production company focused on becoming a substantial UK gas producer, is pleased to announce the appointment of Neil Hawkings as an Independent Non-Executive Director of the Company, following an external search process.
Neil has over 35 years' experience in the upstream oil and gas sector and has held various senior management positions at ConocoPhillips ("Conoco") and Premier Oil Plc. During his time at Conoco, Neil was Managing Director at Britannia Operator Limited ("BOL"), where he led operations at the Britannia gas condensate field; the UK's second largest gas producing field. Prior to BOL, Neil also played key roles in the successful development of Conoco's Southern North Sea business and the greenfield development of gas reserves at Conoco's West Natuna project in Indonesia.
More recently, Neil served as Operations Director at Premier Oil Plc where he was responsible for operational and development activities across their global portfolio. In 2013, he became the Director for South East Asia and the Falkland Islands, which includes the Chim Sao producing oil field in Vietnam, the Natuna Sea gas fields in Indonesia and the Sea Lion Development project in the Falklands. He holds a Master's Degree in Chemical Engineering from Cambridge University.
Mr. Hawkings will serve on the Company's HSE and Technical Committee of the Board.
Fiona MacAulay, Independent Non-Executive Chair of IOG, commented:
"I am delighted to welcome Neil to the IOG Board. He joins the Company at an important and exciting time and we firmly believe that his long track record and well established technical and commercial expertise will be hugely helpful as we continue to make positive progress at our core SNS project and look forward to the Harvey appraisal well due to spud in July."
The following new Options have been granted to Neil Hawkings as Independent Non-Executive Director of the Company:
Name | Position | Number of New Options Granted | Exercise Price per Ordinary Share (pence) | Vesting Period |
Exercise Period | Total Options Held Following This Grant |
Neil Hawkings | NED | 600,000 | 13.5p | 3 years | 10 years | 600,000 |
Grant of Share Options to Incentivise Long Term Performance
The Company has today granted options over 600,000 ordinary shares in the Company ("Ordinary Shares") to Mr Neil Hawkings at an exercise price payable of 13.5 pence per Ordinary Share (the "Options"), being the middle market closing price on 23 May 2019, the latest practicable date prior to this announcement. These option awards have been issued under the Company Share Option Plan ('CSOP').
The new Options are intended to reward long term performance and all vest after three years from date of grant and are subject to the satisfaction of certain performance conditions including Sanction of Phase 1 of the Southern North Sea Development Project; the 30 day volume weighted average price per ordinary share in the capital of the Company being not less than 25p at the time of vesting and certain health and safety targets having been met. Subject to vesting and such performance conditions being met, the new Options are exercisable for up to ten years from the date of grant and will lapse if not exercised by such date.
The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies:
Neil Hawkings
Neil Hawkings (aged 58 years) has been a director of the following companies during the five years preceding the date of this announcement: -
Current Directorships
Neil Hawkings Limited
Previous Directorships
Premier Oil and Gas Services Limited
Premier Oil (Encore Petroleum) Limited
Premier Oil Investments Limited
Encore Oil Limited
Encore (NNS) Limited
Premier Oil Aberdeen Services Limited
Premier Oil Holdings Limited
Premier Oil Andaman Limited
Premier Oil B Limited
Premier Oil Mexico Holdings Limited
Premier Oil Vietnam 121 Limited
Premier Oil Bukit Barat Limited
Premier Oil West Tuna Limited
Premier Oil Exploration and Production (Iraq) Limited
Premier Oil CCS Limited
Premier Oil Exploration and Production Limited
Premier Oil Exploration Limited
Premier Oil Plc
Premier Oil UK Limited
Premier Oil Group Limited
Encore Oil and Gas Limited
Premier Oil Exploration ONS Limited
Premier Oil (Encore Exploration UK) Limited
Encore (VOG) Limited
Premier Oil ONS Limited
Encore North Sea Limited
Encore CCS Limited
Encore Gas Storage Limited
Encore Natural Resources Limited
There is no further information to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas plc +44 (0) 20 3879 0510
Andrew Hockey (CEO)
James Chance (CFO)
Rupert Newall (Head of Corporate Finance)
finnCap Ltd +44 (0) 20 7220 0500
Christopher Raggett, Anthony Adams (Corporate Finance)
Camille Gochez (Corporate Broking)
Peel Hunt LLP +44 (0) 20 7418 8900
Richard Crichton
David McKeown
Vigo Communications +44 (0) 20 7390 0230
Patrick d'Ancona
Chris McMahon
Simon Woods
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas reserves in the UK Southern North Sea. The Company is targeting a 2P peak production rate of 146 MMCF/d (c. 25,000 Boe/d) from its substantial Core Project (2P gas Reserves of 302 BCF² + 2C gas Contingent Resources of 108 BCF³) via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate unrisked prospective gas resources of 202 BCF¹,² in Harvey and Goddard. Alongside this IOG continues to pursue value accretive acquisitions to generate significant shareholder returns. All IOG's licences and the Thames Pipeline are owned 100% and operated by IOG.
¹Updated management estimates based on interpretation and mapping of 3D seismic data reprocessed to Pre-Stack Depth Migration (PSDM) in 2018, subsequent to ERC Equipoise's 2017 Competent Persons Report
²ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression
³ERC Equipoise Competent Persons Report: October 2018
Notes:
Person Discharging Managerial Responsibilities ("PDMR") Notification Forms
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) | Name | Neil Hawkings | |
2. | Reason for the notification | ||
(a) | Position/status | Independent Non-Executive Director | |
(b) | Initial notification/ Amendment | Initial notification | |
3. | Details of the issuer | ||
(a) | Name | Independent Oil and Gas plc | |
(b) | LEI | 2138005OA2NLZS2NRT74 | |
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 | Independent Oil & Gas plc Ordinary Shares of 1p each | |
(b) | Identification code of the Financial Instrument | ISIN: GB00BF49WF64 | |
(c) | Nature of the transaction | Grant of Options over ordinary shares of 1 pence each in the Company | |
(d) | Price(s) and volume(s) | Price(s) | Volume(s) |
13.5p | 600,000 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 24 May 2019 | |
(g) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |