2 Jan 2020 07:00
2 January 2020
Independent Oil and Gas plc
Grant of Share Options to Incentivise Long Term Performance
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that it has today granted options over, in aggregate, 9,956,923 1p Ordinary Shares in the Company ("Ordinary Shares") to its executive directors, senior management and employees (the "Options").
The new Options set out in the tables below for executive directors, senior management and employees are intended to reward long term performance and all vest three years from the date of grant subject to a compound annual Total Shareholder Return of 10% being achieved. 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.
Executive Directors
The following new Options have been granted to Executive Directors 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 |
Andrew Hockey | CEO | 2,256,410 | 1p | 3 years | 10 years | 5,724,150 |
Mark Hughes | COO | 1,572,650 | 1p | 3 years | 10 years | 3,754,713 |
Rupert Newall | CFO | 1,709,402 | 1p | 3 years | 10 years | 3,150,368 |
Senior Management and Employees
The following new Options have been granted to Senior Management and Employees:
Name | Position | Number of New Options Granted | Exercise Price per Ordinary Share (pence) | Vesting Period |
Exercise Period | Total Options Held Following This Grant |
James Chance | Head of Corporate Finance | 1,504,274 | 1p | 3 years | 10 years | 4,725,039 |
Robin Storey | General Counsel | 820,513 | 1p | 3 years | 10 years | 820,513 |
Other Employees | 2,093,675 | 1p | 3 years | 10 years | n/a |
Fiona MacAulay, Chair of IOG, commented:
"The Company's Share Option Plan is designed to retain and incentivise key members of IOG's management and employees to ensure that they continue to implement a proactive health, safety and environment focused culture, ensure key project milestones are met and deliver material share price growth for all our shareholders and stakeholders over the coming years. The demanding performance criteria for these awards include a three-year vesting period, taking us beyond first gas on our Core Project, and a requirement to deliver 10% compound annual shareholder returns over that period.
-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:
Independent Oil and Gas plc +44 (0) 20 3879 0510
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR)
finnCap Ltd +44 (0) 20 7220 0500
Christopher Raggett, Simon Hicks (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
Notes:
Person Discharging Managerial Responsibilities ("PDMR") Notification Forms
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) | Name | Andrew Hockey | |
2. | Reason for the notification | ||
(a) | Position/status | CEO | |
(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) |
1p | 2,256,410 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 2 Jan 2020 | |
(g) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) | Name | Mark Hughes | |
2. | Reason for the notification | ||
(a) | Position/status | COO | |
(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) |
1p | 1,572,650 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 2 Jan 2020 | |
(g) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) | Name | Rupert Newall | |
2. | Reason for the notification | ||
(a) | Position/status | CFO | |
(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) |
1p | 1,709,402 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 2 Jan 2020 | |
(g) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) | Name | James Chance | |
2. | Reason for the notification | ||
(a) | Position/status | Head of Corporate Finance & IR (PDMR) | |
(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) |
1p | 1,504,274 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 2 Jan 2020 | |
(g) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) | Name | Robin Storey | |
2. | Reason for the notification | ||
(a) | Position/status | General Counsel and Company Secretary | |
(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) |
1p | 820,513 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 2 Jan 2020 | |
(g) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |
About IOG:
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², 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 gross unrisked prospective gas resources of 73 Bcfe² at Goddard. Alongside this IOG continues to pursue value accretive acquisitions to generate significant shareholder returns.
1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression
2ERC Equipoise Competent Persons Report: October 2018