12 Oct 2020 07:00
12 October 2020
Independent Oil and Gas plc
Issue of New Shares and PDMR Shareholding
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production company focused on becoming a substantial UK gas producer, has today issued a total of 126,497 ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares").
On 9 October 2020, a notice was submitted by James Chance, a PDMR of the Company, to exercise 126,497 options over Ordinary Shares pursuant to a Salary Sacrifice Share Option agreement dated 6 October 2020 (the "Exercise").
The Company has applied to the London Stock Exchange for admission of 126,497 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on 15 October 2020. Following Admission there will be 480,299,742 Ordinary Shares in issue. Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
On Admission James Chance will hold 291,497 Ordinary Shares, representing approximately 0.06% of the enlarged share capital of the Company.
James Chance has informed the Company that it is his intention to hold this number of Ordinary Shares and he will not sell down any Ordinary Shares in order to meet the personal tax liability that crystallised upon the Exercise.
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 and IR | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
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, type of instrument | Options over ordinary shares | ||||
Identification code | GB00BF49WF64 | |||||
b) | Nature of the transaction | Exercise of options | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information: · Aggregated volume · Price | n/a
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e) | Date of the transaction | 9 October 2020 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
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 Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Corporate Finance & IR)
| +44 (0) 20 7036 1400 |
finnCap Ltd Christopher Raggett Simon Hicks
| +44 (0) 20 7220 0500 |
Peel Hunt LLP Richard Crichton David McKeown
| +44 (0) 20 7418 8900 |
Vigo Communications Patrick d'Ancona Chris McMahon Simon Woods
| +44 (0) 20 7390 0230 |
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 has management estimated mid-case recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and continues to pursue value accretive acquisitions to generate significant shareholder returns. In September 2020 IOG was also offered four further Southern North Sea blocks adjacent to its existing portfolio which it had applied for in the 32nd Offshore Licensing Round.
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