11 Oct 2019 07:00
i3 Energy plc
("i3" or the "Company")
Options Issuance to New Non-executive Director
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, has issued 100,000 options at an exercise price of 39.5 pence per share to Mrs. Linda Beal, non-executive director of i3, further to her appointment as announced on September 17th, 2019.
The Options are for ten years and will vest as follows:
·; One-third upon completion of the Company's current drilling programme which confirms a resource base supporting i3's envisaged Liberator Phase I development plan;
·; One-third upon securing funding for the Liberator Phase I development; and
·; One-third on increasing gross reserves to 50 MMbbls or achieving first oil from the Company's licences.
Regardless of the above, 100% of the options will vest at first oil from the Company's licences or if there is a change of control of the Company.
CONTACT DETAILS:
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Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Linda Beal | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification/ Amendment | Initial | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | i3 Energy PLC | ||||
b) | LEI | 213800949OZA9QA9FS17 | ||||
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
Identification code | Share options
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b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
100,000 £0.395 | ||||
e) | Date of the transaction | 09/10/2019 | ||||
f) | Place of the transaction | Off market | ||||
I3 Energy (I3E)