Anglo African Oil & Gas PLC Management Share Incentive Scheme (3407Z)

TIDMAAOG

RNS Number : 3407Z

Anglo African Oil & Gas PLC

14 December 2017

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

14 December 2017

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

Management Share Incentive Scheme

Anglo African Oil & Gas plc, an independent oil and gas developer, announces that the Company's Remuneration Committee has, after taking external advice, cancelled the Management Incentive Scheme for senior management as detailed in the Company's Admission Document and replaced this with a new Management Share Incentive Scheme (the "New MSIS"). This follows the lapsing of the time for the registration of the original options. All terms and conditions, including as to vesting conditions, amounts and exercise price of the options issued under the New MSIS are identical to those that were to be issued under the original scheme.

In line with the Management Incentive Scheme at the time of the Company's Admission to AIM, options issued under the New MSIS 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 at 1,000 bopd; one-third at 2,500 bopd; one-third at 5,000 bopd.

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.

In respect of the Directors of the Company, below are details of the existing options that will lapse and the replacement option awards under the New MSIS:

 
                       MSIS options         New MSIS options 
                       at Admission 
================  =====================  ===================== 
 Name                 No. of   Exercise      No. of   Exercise 
                     options      price     options      price 
================  ==========  =========  ==========  ========= 
 David Sefton      3,189,033        20p   3,189,033        20p 
================  ==========  =========  ==========  ========= 
 Alex MacDonald    3,189,033        20p   3,189,033        20p 
================  ==========  =========  ==========  ========= 
 Oleg Schkoda      3,189,033        20p           -          - 
================  ==========  =========  ==========  ========= 
 James Cane:       2,698,412        20p   2,698,412        20p 
================  ==========  =========  ==========  ========= 
 

The total number of options awarded to the directors will reduce from 12,265,511 to 9,076,478 under the New MSIS.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

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

 
 Anglo African Oil & Gas plc          Tel: c/o St 
                                       Brides Partners 
                                       [phone] 
                                       1177 
 David Sefton, Executive Chairman 
 finnCap Ltd (Nominated Adviser       Tel: +44 20 
  and 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 
 Frank Buhagiar, Olivia Vita 
 

Notes to Editors

Anglo African Oil & Gas plc (AAOG) is an AIM-listed independent oil and gas company that owns a 56 per cent stake in the producing Tilapia oil field in the Republic of the Congo. The Company boasts a low-cost production story in a prolific hydrocarbon region with significant exploration upside, differentiating it substantially from its E&P peers. Additionally, management's remuneration is tied to hitting production milestones, reflecting their strong focus on cost control.

Tilapia has an excellent address, being located close to multi-billion-barrel fields that include the ENI-operated Litchendjili field and the 5,000bopd Minsala Marine field. Tilapia currently produces approximately 40.25 bopd from two near-surface intervals. It has an undeveloped discovery in the lower Mengo sands with gross contingent resources of 8.1m barrels and a deeper exploration prospect, with gross prospective resources of 58.4m barrels, in the productive Djeno interval from which the adjacent Minsala field produces.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 14, 2017 03:20 ET (08:20 GMT)