13 Nov 2017 07:01
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
13 November 2017
Prospex Oil and Gas Plc
("Prospex" or the "Company")
Award of Share Options
Prospex Oil and Gas Plc, the AIM quoted investment company, announces that it has today awarded a total of 71,226,149 options to members of the Board and other staff over new Ordinary Shares in the Company (the 'Options'). This follows the recent investments in the Podere Gallina permit in the Po Valley, Italy and the Suceava Concession in Romania, as a result of which Prospex will be participating in the drilling of two wells in Q4 2017.
The Options have been awarded with a strike price of 0.52p per ordinary share, being a 21% premium to the price at which the Company completed its recent Placing as announced on 31 October 2017 and a 2% premium to the mid-market closing share price of the Company's Ordinary Shares on 10 November 2017. The Options will vest immediately and are exercisable for a period of 3 years.
The options issued to the Directors of the Company are set out below:
| Options Awarded With exercise price of 0.52p per share | Total options now held |
Edward Dawson | 16,940,273 | 24,322,148 |
Richard Mays | 10,395,168* | 14,720,508 |
James Smith | 10,395,168 | 11,831,168 |
William Smith | 10,395,168 | 14,720,508 |
Other staff/personnel (non-PDMR) | 23,100,372 | 29,989,88 |
Total | 71,226,149 | 95,584,220 |
\* The options awarded to Richard Mays will be held in the name of Sallork Limited, a company he owns and controls.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
* * ENDS * *
For further information visit www.prospexoilandgas.com or contact the following:
Edward Dawson | Prospex Oil and Gas Plc | Tel: +44 (0) 20 3766 0325 |
Rory MurphyRitchie BalmerJack Botros
| Strand Hanson Limited
| Tel: +44 (0) 20 7409 3494 |
Jon Belliss | Beaufort Securities Limited | Tel: +44 (0) 20 7382 8300 |
Duncan Vasey | Peterhouse Corporate Finance
| Tel: +44 (0) 20 7469 0932 |
Frank Buhagiar Charlotte Page | St Brides Partners Ltd
| Tel: +44 (0) 20 7236 1177 |
Notes
Prospex Oil and Gas Plc is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's management is looking to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low cost re-evaluation techniques to identify and de-risk prospects.
PDMR Notifications
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Edward Dawson | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Director of the Company | ||||
b) | Initial notification/amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Prospex Oil and Gas Plc | ||||
b) | LEI | 213800NY9RH8O1B72D27 | ||||
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 | Ordinary shares of 0.1p each in the share capital of the Prospex Oil & Gas plc | ||||
Identification code | GB00BW4NPC58 | |||||
b) | Nature of the Transaction | Issue of options to acquire Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
e) | Date of the transaction | 13 November 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Richard Mays | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Director of the Company | ||||
b) | Initial notification/amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Prospex Oil and Gas Plc | ||||
b) | LEI | 213800NY9RH8O1B72D27 | ||||
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 | Ordinary shares of 0.1p each in the share capital of the Prospex Oil & Gas plc | ||||
Identification code | GB00BW4NPC58 | |||||
b) | Nature of the Transaction | Issue of options to acquire Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
e) | Date of the transaction | 13 November 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | James Smith | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Director of the Company | ||||
b) | Initial notification/amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Prospex Oil and Gas Plc | ||||
b) | LEI | 213800NY9RH8O1B72D27 | ||||
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 | Ordinary shares of 0.1p each in the share capital of the Prospex Oil & Gas plc | ||||
Identification code | GB00BW4NPC58 | |||||
b) | Nature of the Transaction | Issue of options to acquire Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
e) | Date of the transaction | 13 November 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | William Smith | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Director of the Company | ||||
b) | Initial notification/amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Prospex Oil and Gas Plc | ||||
b) | LEI | 213800NY9RH8O1B72D27 | ||||
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 | Ordinary shares of 0.1p each in the share capital of the Prospex Oil & Gas plc | ||||
Identification code | GB00BW4NPC58 | |||||
b) | Nature of the Transaction | Issue of options to acquire Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
e) | Date of the transaction | 13 November 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||