Last checked at 18 Mar 2021 07:00
18 March 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Grant of Share Options
Jersey Oil & 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, 522,000 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") to its Directors, senior management and employees (the "Options"). The Options have been granted at an exercise price of 210p, representing a premium of approximately 15.7 per cent. to the middle market closing price of an Ordinary Share of 181.5p on 17 March 2021, being the latest practicable date prior to this announcement.
A total of 2,781,689 Option awards are outstanding following these new grants, which will represent approximately 9.0 per cent. of the Company's enlarged share capital of 30,920,136 Ordinary Shares following shareholder approval and completion of the placing and subscription elements of the Company's fundraising announced yesterday (excluding any further Ordinary Shares which may be issued pursuant to the forthcoming offer for subscription for qualifying participants).
The Option awards were approved by the Remuneration Committee, and by the Board in respect of the Options awarded to Non-Executive Directors, as part of the Company's annual pay review process. The Options have been issued under the Jersey Oil and Gas plc 2016 Enterprise Management Incentive and Unapproved Share Option Plan. Further details of the Option awards are set out 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 Ordinary Share (pence) | Exercise Period | Total Options Held Following This Grant |
Andrew Benitz | Chief Executive Officer | 110,000 | 210 | 7 years | 540,000 |
Ronald Lansdell | Chief Operating Officer | 110,000 | 210 | 7 years | 540,000 |
Vicary Gibbs | Chief Financial Officer | 75,000 | 210 | 7 years | 265,000 |
The new Options set out in the table above for Executive Directors all vest in three equal tranches (one, two and three years from the date of grant) and are 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 new Options are exercisable for up to seven years from their date of grant and will lapse if not exercised by such date.
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 Ordinary Share (pence) | Exercise Period | Total Options Held Following This Grant |
Marcus Stanton | Non-Executive Chairman | 20,000 | 210 | 5 years | 121,570 |
Frank Moxon | Non-Executive Director | 15,000 | 210 | 5 years | 70,000 |
The new Options set out in the table above for Non-Executive Directors all vest in three equal tranches (one, two and three years from the date of grant) and have no performance conditions. Subject to vesting, the new Options are exercisable for up to five years from their date of grant and will lapse if not exercised by such date.
Senior Management and Employees
A further 192,000 new Options, in aggregate, have been granted to certain other members of senior management and employees at the same exercise price of 210p per Ordinary 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 | Paul Shackleton Benjamin Cryer
| Tel: 020 7614 5900 |
Camarco | Billy Clegg James Crothers | Tel: 020 3757 4983 |
Notes to Editors:
Jersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company holds a significant acreage position within the Central North Sea referred to as the Greater Buchan Area ("GBA"), which includes operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 and Glenn oil discoveries and an 100% working interest in the P2170 Licence Blocks 20/5b & 21/1d (subject to the Oil & Gas Authority's approval of the acquisition of CIECO V&C UK Limited as announced on 26 November 2020), that contain the Verbier oil discovery and other exploration prospects
JOG's total GBA acreage is estimated by management to contain 190 million barrels of oil equivalent ("mmboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 220 mmboe of prospective resources in close proximity to our planned Buchan platform. JOG has recently concluded the Concept Select Phase of an FDP for the Greater Buchan Area and plans to progress into Front End Engineering and Design (FEED) later this year.
JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.
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 as it forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018 ("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 penny each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 pennny each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 210p 110,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 18 March 2021 |
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 penny each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 penny each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 210p 110,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 18 March 2021 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Vicary Gibbs |
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 penny each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 penny each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 210p 75,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 18 March 2021 |
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 penny each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 penny each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 210p 20,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 18 March 2021 |
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 penny each in the Company |
Identification code | GB00BYN5YK77 | |
b) | Nature of the Transaction | Grant of Options over ordinary shares of 1 penny each in the Company |
c) | Price(s) and volume(s) | Price(s) Volume(s) 210p 15,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 18 March 2021 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |