Last checked at 17 Jan 2019 07:00
17 January 2019
Jersey Oil and Gas plc
("Jersey Oil & Gas" 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, 300,000 ordinary shares of 1p each in the share capital of the Company ("Ordinary Shares") to its directors, senior management and employees at an exercise price of 175 pence per Ordinary Share (the "Options"), being the middle market closing price on 16 January 2019, the latest practicable date prior to this announcement.
These Option awards were approved by the Remuneration Committee, and by the Board in the case of the Option awards 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.
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 | 70,000 | 175 | 7 years | 430,000 |
Ronald Lansdell | Chief Operating Officer | 70,000 | 175 | 7 years | 430,000 |
Vicary Gibbs | Chief Financial Officer | 40,000 | 175 | 7 years | 190,000 |
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 | 175 | 5 years | 101,570 |
Frank Moxon | Non-Executive Director | 15,000 | 175 | 5 years | 55,000 |
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 85,000 new Options, in aggregate, have been granted to certain other members of senior management and employees at the same exercise price of 175 pence 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 |
BMO Capital Markets Limited | Jeremy Low Tom 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 an upstream oil and gas business in the North Sea. The Company owns an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d, Outer Moray Firth, in which the operator, Equinor UK Limited, owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest. This licence contains the Verbier oil discovery, with initial operator estimates of gross recoverable resources of between 25 and 130 million barrels of oil equivalent ("mmboe") with an estimated mean of 69mmboe.
The Company plans to build an upstream E&P portfolio via both organic development and acquisitions coinciding with the cyclical recovery in the oil price and the opportune buying market in the North Sea. The Company is involved in multiple acquisition opportunities and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated growth 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) 175p 70,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 17 January 2019 |
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) 175p 70,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 17 January 2019 |
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 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) 175p 40,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 17 January 2019 |
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) 175p 20,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 17 January 2019 |
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) 175p 15,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 17 January 2019 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |