Last checked at 29 Jan 2018 07:30
29 January 2018
Jersey Oil and Gas plc
("Jersey Oil and Gas" or the "Company")
Grant of Share Options
Jersey Oil and Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf ("UKCS") region of the North Sea, announces that it has today granted options over, in aggregate, 770,000 ordinary shares of 1p each in the share capital of the Company to its directors, senior management and employees at an exercise price of 200 pence per share (the "Options"), being the same price as the Company's last successful fundraising completed on 9 November 2017 (the "Fundraising")
As set out in the circular to shareholders of 24 October 2017 in respect of the Fundraising and further to, inter alia, the farm-out to Statoil (U.K.) Limited of an interest in, and the subsequent oil discovery at, Verbier (UK Seaward Licence P.2170, Blocks 20/5b & 21/1d), the Remuneration Committee has considered suitable grants of options to Executive Directors having regard to the Company's progress to date. These option awards were approved by the Remuneration Committee, as part of the Company's annual pay review completed in December 2017, under the Jersey Oil and Gas plc 2016 Enterprise Management Incentive and Unapproved Share Option Plan.
The Company has been in a close period with respect to dealings in its own shares for much of the time since completion of the Fundraising and the above-mentioned pay review such that today represents the first practical opportunity to grant these Options as further detailed below.
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 Share (pence) | Exercise Period | Total Options Held Following This Grant |
Andrew Benitz | Chief Executive Officer | 180,000 | 200 | 7 years | 360,000 |
Ronald Lansdell | Chief Operating Officer | 180,000 | 200 | 7 years | 360,000 |
Scott Richardson Brown | Chief Financial Officer | 120,000 | 200 | 7 years | 250,000 |
All the Options set out in the table above for Executive Directors vest entirely on the third anniversary of their date of grant subject to the satisfaction of certain performance conditions to be determined and interpreted at the discretion of the Remuneration Committee. Subject to vesting and such performance conditions being met, the Options are exercisable at any time between the third and seventh anniversaries of their date of grant and if not exercised by that date, will lapse.
Non-Executive Directors
The following new Options have been granted to non-executive directors of the Company:
Name | Position | Number Of New Options Granted | Exercise Price Per Share (pence) | Exercise Period | Total Options Held Following This Grant |
Marcus Stanton | Non-Executive Chairman | 40,000 | 200 | 5 years | 81,570 |
Frank Moxon | Non-Executive Director | 20,000 | 200 | 5 years | 40,000 |
All the Options set out in the table above for such Non-Executive Directors vest entirely on the third anniversary of their date of grant, have no performance conditions and are exercisable, in whole or in part, at any time between the third and fifth anniversaries of their date of grant, and if not exercised by that date, will lapse.
The number of Options granted to each of Marcus Stanton (Non-Executive Chairman) and Frank Moxon (Non-Executive Director) has been capped, based on their respective salary levels.
Senior Management and Employees
A further 230,000 Options, in aggregate, have been granted to certain other members of senior management and employees at the same exercise price of 200 pence per share.
Enquiries:
Jersey Oil and Gas plc
| Andrew Benitz, CEO | C/o Camarco: Tel: 020 3757 4983 |
Strand Hanson Limited | James Harris Matthew Chandler James Bellman | Tel: 020 7409 3494 |
Arden Partners plc | Chris Hardie Benjamin Cryer | Tel: 020 7614 5900 |
BMO Capital Markets Limited | Neil Haycock Thomas Rider | Tel: 020 7236 1010 |
Camarco | Billy Clegg Georgia Edmonds James Crothers | Tel: 020 3757 4983 |
Notes to Editors:
Jersey Oil & Gas is a UK E&P Company focused on building a production focused company in the North Sea. The Company owns an 18 per cent. interest in the P.2170 "Verbier" licence, Blocks 20/5b & 21/1d, Inner Moray Firth in which the operator Statoil (U.K.) Limited owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest.
The Company plans to build a production portfolio via acquisitions coinciding with the cyclical recovery in the oil price and the current opportune buying market in the North Sea. The Company is involved in multiple sales processes and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated production acquisition strategy.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
PDMR Notification Forms:
The notifications below are made in accordance with the requirements of MAR.
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Andrew Benitz |
2. | Reason for the Notification | |
a) | Position/status | Chief Executive Officer (Director) |
b) | Initial notification/amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Jersey Oil & Gas plc |
b) | LEI | 213800RIR1SZC1734G32 |
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 of 1 pence each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 pence each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 200p 180,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 29 January 2018 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Ronald Lansdell |
2. | Reason for the Notification | |
a) | Position/status | Chief Operating Officer (Director) |
b) | Initial notification/amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Jersey Oil & Gas plc |
b) | LEI | 213800RIR1SZC1734G32 |
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 of 1 pence each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 pence each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 200p 180,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 29 January 2018 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Scott Richardson Brown |
2. | Reason for the Notification | |
a) | Position/status | Chief Financial Officer (Director) |
b) | Initial notification/amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Jersey Oil & Gas plc |
b) | LEI | 213800RIR1SZC1734G32 |
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 of 1 pence each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 pence each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 200p 120,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 29 January 2018 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Marcus Stanton |
2. | Reason for the Notification | |
a) | Position/status | Non-Executive Chairman (Director) |
b) | Initial notification/amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Jersey Oil & Gas plc |
b) | LEI | 213800RIR1SZC1734G32 |
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 of 1 pence each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 pence each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 200p 40,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 29 January 2018 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Frank Moxon |
2. | Reason for the Notification | |
a) | Position/status | Non-Executive Director (Director) |
b) | Initial notification/amendment | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Jersey Oil & Gas plc |
b) | LEI | 213800RIR1SZC1734G32 |
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 of 1 pence each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 pence each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 200p 20,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 29 January 2018 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |