Anglo African Oil & Gas (LSE:AAOG)
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RNS Number : 1510F

Anglo African Oil & Gas PLC

16 February 2018

16 February 2018

Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas

ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')

Management Share Incentive Scheme

Anglo African Oil and Gas plc, an independent oil and gas developer, announces that it has today awarded a total of 3,680,254 options ("Options") over ordinary shares in the Company ("Ordinary Shares") to James Berwick, Chief Executive Officer, and James Cane, Finance Director. Under the Management Share Incentive Scheme, the Options will generally not vest until daily total oil production at the Company's 56 per cent-owned Tilapia oilfield in the Republic of the Congo reaches certain production milestones measured over a consecutive 30-day period: one-third vests at 1,000 bopd; one-third at 2,500 bopd; one-third at 5,000 bopd.

All the Options have an exercise price of 20 pence per Ordinary Shares, which represents a premium of 120 per cent to the closing price of AAOG's Ordinary Shares on 15 February 2018.

 
                  Options awarded     No. of Options   Exercise price 
                                     held post-award 
===============  ================  =================  =============== 
 James Berwick          3,189,333          3,189,333        20p 
===============  ================  =================  =============== 
 James Cane               490,921          3,189,333        20p 
===============  ================  =================  =============== 
 

It is intended that, as far as possible, options will be granted as enterprise management incentive ("EMI") options within Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003. EMI options have potential tax advantages for both employer and employee.

Prior to this award, the Company had 5,887,745 Options outstanding. Following this award, there is now a total of 9,567,999 Options outstanding, representing 12.1 per cent of the Company's fully diluted ordinary share capital. At IPO, the number of Options outstanding represented 15.0 per cent of the Company's then fully diluted ordinary share capital.

Following the issuance of these options, all executive directors now hold equal numbers of Options with identical terms.

David Sefton, Executive Chairman of AAOG, commented, "Tilapia represents a very special opportunity and the business case of the Company is as compelling as ever. I believe that the opportunity for the Company is underlined by the new Chief Executive Officer, James Berwick, taking management incentive options based upon the same ambitious production targets as those granted at admission to listing and with an exercise price of 20p, which is based on the admission price. This fits with the Company's stated strategy of ensuring that the interests of management are aligned with the interests of our investors".

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

**ENDS**

For further information please visit www.aaog.co or contact:

 
 Anglo African Oil & Gas plc          Tel: c/o St 
                                       Brides Partners 
                                       +44 20 7236 
                                       1177 
 David Sefton, Executive Chairman 
 
 finnCap Ltd (Nominated Adviser and   Tel: +44 20 
  Broker)                              7220 0500 
 Christopher Raggett, Giles Rolls, 
  Anthony Adams (Corporate Finance) 
 Emily Morris (Corporate Broking) 
 
 St Brides Partners (Financial PR)    Tel: +44 20 
                                       7236 1177 
 Hugo de Salis, Frank Buhagiar 
 

Notes to Editors

Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company that owns a 56% stake in the producing Tilapia oil field in the Republic of the Congo.

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                             James Berwick 
---  -------------------------------  ----------------------------- 
 2.   Reason for the Notification 
---  -------------------------------------------------------------- 
 a)   Position/status                  PDMR 
---  -------------------------------  ----------------------------- 
 b)   Initial notification/Amendment   Initial 
---  -------------------------------  ----------------------------- 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  -------------------------------------------------------------- 
 a)   Name                             Anglo African Oil & Gas plc 
---  -------------------------------  ----------------------------- 
 b)   LEI                              213800UHZ95NBIY48I53 
---  -------------------------------  ----------------------------- 
 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                   Options over ordinary shares 
       the Financial                    of 5p 
       instrument, type 
       of instrument 
--- 
      Identification                   GB00BD0Q3L08 
       code 
---  -------------------------------  ----------------------------- 
 b)   Nature of the                    Grant of Options 
       transaction 
---  -------------------------------  ----------------------------- 
 c)   Price(s) and                     Exercise price of 20p each 
       volume(s)                        3,189,333 
---  -------------------------------  ----------------------------- 
 d)   Aggregated information: 
        *    Aggregated volume           As above 
 
 
        *    Price 
---  -------------------------------  ----------------------------- 
 e)   Date of the transaction          16 February 2018 
---  -------------------------------  ----------------------------- 
 f)   Place of the                     Outside of trading venue 
       transaction 
---  -------------------------------  ----------------------------- 
 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 5.   Details of the person discharging managerial 
       responsibilities / person closely associated 
---  -------------------------------------------------------------- 
 a)   Name                             James Cane 
---  -------------------------------  ----------------------------- 
 6.   Reason for the Notification 
---  -------------------------------------------------------------- 
 a)   Position/status                  PDMR 
---  -------------------------------  ----------------------------- 
 b)   Initial notification/Amendment   Initial 
---  -------------------------------  ----------------------------- 
 7.   Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  -------------------------------------------------------------- 
 a)   Name                             Anglo African Oil & Gas plc 
---  -------------------------------  ----------------------------- 
 b)   LEI                              213800UHZ95NBIY48I53 
---  -------------------------------  ----------------------------- 
 8.   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                   Options over ordinary shares 
       the Financial                    of 5p 
       instrument, type 
       of instrument 
--- 
      Identification                   GB00BD0Q3L08 
       code 
---  -------------------------------  ----------------------------- 
 b)   Nature of the                    Grant of Options 
       transaction 
---  -------------------------------  ----------------------------- 
 c)   Price(s) and                     Exercise price of 20p each 
       volume(s)                        490,621 
---  -------------------------------  ----------------------------- 
 d)   Aggregated information: 
        *    Aggregated volume           As above 
 
 
        *    Price 
---  -------------------------------  ----------------------------- 
 e)   Date of the transaction          16 February 2018 
---  -------------------------------  ----------------------------- 
 f)   Place of the                     Outside of trading venue 
       transaction 
---  -------------------------------  ----------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

February 16, 2018 06:31 ET (11:31 GMT)