Last checked at 24 Nov 2021 07:00
24 November 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 region of the North Sea, announces that it has, on 23 November 2021, granted options over, in aggregate, 700,000 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") to its recently appointed Chief Financial Officer and Chief Commercial Officer (the "Options"). The Options have been granted at an exercise price of 147p, representing the middle market closing price of an Ordinary Share on 19 November 2021 being the last business day immediately prior to the announcement of their respective appointments.
Accordingly, a total of 2,786,689 option awards are outstanding following these latest grants, which represents approximately 8.6 per cent. of the Company's existing issued share capital of 32,554,293 Ordinary Shares.
The Options have been issued under the Jersey Oil and Gas plc 2021 Employee Share Option Plan. Further details of the Option awards are set out below.
Executive Director and Senior Manager
The following new Options have been granted to an Executive Director and Senior Manager of the Company:
Name | Position | Number of New Options Granted | Exercise Price Per Ordinary Share (pence) | Exercise Period | Total Options Held Following This Grant |
Graham Forbes | Chief Financial Officer | 350,000 | 147 | 7 years | 350,000 |
Richard Smith | Chief Commercial Officer | 350,000 | 147 | 7 years | 350,000 |
The new Options set out in the table above all vest in three equal tranches (one, two and three years from their date of grant) and are subject to the satisfaction of certain performance conditions to be determined and interpreted at the discretion of the Company's Remuneration Committee. On announcement of a farm out in respect of the Company's Greater Buchan Area ("GBA") development project, the Options will vest in full and become exercisable from such date. Subject to the vesting and 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.
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
| Tel: 020 7614 5900 |
finnCap Ltd | Christopher Raggett Tim Redfern | Tel: 020 7220 0500 |
Camarco | Billy Clegg James Crothers Rebecca Waterworth | 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 oil discovery and an 100% working interest in the P2170 Licence Blocks 20/5b & 21/1d, that contain the Verbier oil discovery and other exploration prospects.
JOG's total GBA acreage is estimated by management to contain 172 million barrels of oil equivalent ("MMboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 168MMboe of prospective resources in close proximity to the Company's planned Buchan platform. JOG has recently concluded the Concept Select phase of an FDP for the GBA and plans to progress into Front-End Engineering and Design (FEED) following greater clarity being obtained on regional electrification options and funding.
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 Union (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 | Graham Forbes |
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) 147p 350,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 23 November 2021 |
f) | Place of the transaction | Outside of a trading venue |
1. | Details of the person discharging managerial responsibilities / person closely associated | |
a) | Name | Richard Smith |
2. | Reason for the Notification | |
a) | Position/status | Chief Commercial Officer |
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) 147p 350,000 |
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
e) | Date of the transaction | 23 November 2021 |
f) | Place of the transaction | Outside of a trading venue |