IOG.L Regulatory News (IOG)

27 July 2018

Independent Oil and Gas plc

Award of Long-Term Incentive Plan

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that Mark Hughes, a Director and the Company's Chief Operating Officer has been awarded options over Ordinary Shares in the Company pursuant to the Company's Long-Term Incentive Plan ("LTIP") policy.

Long Term Incentive Plan

Pursuant to the LTIP policy adopted by the Company at the time of AIM admission in 2013, the Company has today awarded LTIP options to Mark Hughes, Chief Operating Officer to incentivise him to deliver growth in the IOG share price over the next three years. Apart from the target exercise prices, the Performance Conditions which must be satisfied before the options may be exercised are that the option holder must deliver, measure, control and manage, at all times, a health and safety statement and policy, an environmental management statement and policy and a proactive, Group-wide health, safety and environment focused culture. The number of options granted by date, the target exercise prices, the expiry dates and the approximate premiums to the closing IOG share price on 25 July 2018 (29.25p) are detailed below.

Mark Hughes, COO

A total of 1,000,000 new LTIP Options have been issued today, with an exercise price of 35p each which represents 0.81% per cent of the Company's current issued share capital.

As a result of this award and the LTIP awards announced on the 1 March 2018, a further 7,200,000 new LTIP Options are to be awarded to the executive management team over the next three years which represents 5.83% per cent of the Company's current issued share capital. This is in addition to the 2,600,000 LTIP options awarded to the CEO and the CFO on 1 March 2018 which represents 2.11% per cent of the Company's current issued share capital.

Mark Routh, Chairman of IOG commented: -

"I am pleased to incentivise Mark Hughes who joined IOG in April this year as he delivers in his key operational role with the Company's SNS development project. The LTIP policy ensures that the executive management team continues to preside over a proactive Group-wide health, safety and environment focused culture and to deliver share price growth for all our shareholders and stakeholders over the coming years."

-ENDS-

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:

Notes:

PDMR Options granted under the Company's Long-Term Incentive Plans