Last checked at 28 Jan 2021 07:00
28 January 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Grant of Share Options and
Amendments to Share Option Scheme
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, 250,000 ordinary shares of 1p each in the share capital of the Company ("Ordinary Shares") to certain senior management personnel and other employees, at an exercise price of 155 pence per Ordinary Share (the "Options"), being the middle market closing price on 27 January 2021, the latest practicable date prior to this announcement. In order to implement such grant of Options to existing staff and accommodate potential future grants to new staff, as the development of the Company's Greater Buchan Area project progresses, the overall limit in respect of the Company's share option scheme has been increased from 10 per cent. to 15 per cent., following due consultation with the Company's major shareholders.
The abovementioned amendment to the share option scheme and resulting share option awards were approved by both the Remuneration Committee and the Board. The Options have been issued under the Jersey Oil and Gas plc 2016 Enterprise Management Incentive and Unapproved Share Option Plan.
The Options that have been awarded, none of which have been granted to the Directors of the company, are as follows:
Recipient | Number Of New Options Granted | Exercise Price Per Share (pence) | Exercise Period |
Senior Management and other employees | 250,000 | 155 | 7 years |
Background to the Grant of Options
JOG currently has 2.01 million options outstanding, representing approximately 9.2 per cent. of the Company's existing issued share capital.
In the course of advancing the Company's interests in the Greater Buchan Area ("GBA"), the Company has established a strong in-house technical and project management team to manage substantial contracted technical projects and studies. Advancing through Concept Select has involved managing 17 work fronts and 40 project stakeholders which will significantly expand as the GBA progresses into the planned next phases of development. In order to continue to attract, retain and motivate individuals with appropriate skills, qualifications and experience to take the Company through its next stage of development, the Directors believe that the remuneration packages offered to new senior and other technical staff should include appropriate grants of options.
It is the intention of the Board to issue future share options, within the new 15 per cent. limit, on a more staggered basis, over time. In awarding future options, JOG will continue to seek to strike a balance between making effective levels of awards whilst recognising and limiting the dilutive effect on shareholders.
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 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 OGA 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 more than 180 million barrels of oil equivalent ("mmboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of more than 220 mmboe of prospective resources in close proximity to our planned Buchan platform. JOG is currently progressing the Concept Select phase of an FDP for the Greater Buchan Area.
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.