Eland Oil & Gas PLC Long Term Incentive Plan ("LTIP") Awards (3267P)

TIDMELA

RNS Number : 3267P

Eland Oil & Gas PLC

25 May 2018

25 May 2018

Eland Oil & Gas PLC

("Eland" or the "Company")

Long Term Incentive Plan ("LTIP") Awards

Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria announces that on 25(th) May 2018 it granted awards under the Long Term Incentive Plan adopted in November 2017 to two executive Directors. The awards have been made following release of the results for the year ended 31(st) December 2017.

 
 Name              Awards    Vesting   Total options following 
                              date      this grant 
----------------  --------  --------  ------------------------ 
                             25 May 
 George Maxwell    450,000    2021     4,450,814 
----------------  --------  --------  ------------------------ 
                             25 May 
 Ron Bain          250,000    2021     1,450,000 
----------------  --------  --------  ------------------------ 
 

Background and Performance Conditions:

It is the aim of the Remuneration Committee to reward key employees on a basis which is aligned to the performance of the Company and as such a significant portion of remuneration is based on performance. The vesting period for all criteria is 3 years commencing 25(th) May 2018.

-- Share Price: 60% share price performance with an award price of 80p with a hurdle of 5% per annum compound before vesting is triggered and then vesting in a straight line to 100% vesting at GBP1.60.

-- Production: 25% production target commencing at 30 thousand barrels of oil per day ("mbopd") sales barrels averaged over a continuous three-month period with straight line vesting to 100% at 45mbopd calculated as per last year's award.

-- Reserves: 15% reserves target. A minimum threshold of 10% compound increase in certified 2P reserves, the base calculated adding back annual production over the three years with straight line vesting to 100% at 20% per annum compound.

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

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

 
1    Details of the person discharging managerial 
      responsibilities/person closely associated 
---  ---------------------------------------------------------------------- 
a)   Name:                                      George Maxwell 
---  -----------------------------------------  --------------------------- 
2    Reason for the notification 
---  ---------------------------------------------------------------------- 
a)   Position/status                            Chief Executive 
                                                 Officer 
---  -----------------------------------------  --------------------------- 
b)   Initial notification /Amendment            Initial notification 
---  -----------------------------------------  --------------------------- 
3    Details of the issuer, emission allowance market 
      participant, auction platform, auctioneer or 
      auction monitor 
---  ---------------------------------------------------------------------- 
a)   Name                                       Eland Oil & Gas 
                                                 Plc 
---  -----------------------------------------  --------------------------- 
b)   LEI                                        213800QDGQKG3JKKRR86 
---  -----------------------------------------  --------------------------- 
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,   Ordinary Shares 
      type of instrument                         GBP0.10 each 
      Identification code                        GB00B8HHWX64 
---  -----------------------------------------  --------------------------- 
b)   Nature of the transaction                  Shares Options 
                                                 through Company's 
                                                 Long Term Incentive 
                                                 Plan 
---  -----------------------------------------  --------------------------- 
c)   Price(s) and volume(s)                      Call Price(s)    Volume(s) 
---  -----------------------------------------  --------------  ----------- 
                                                10p             450,000 
 ---------------------------------------------  --------------  ----------- 
d)   Aggregated information                     Date 25/05/2018 
  - Aggregated volume                            450,000 @ 10pence 
  - Price 
 ---------------------------------------------  --------------------------- 
e)   Date of the transaction                    25th May 2018 
---  -----------------------------------------  --------------------------- 
f)   Place of the transaction                   Outside a trading 
                                                 venue 
---  -----------------------------------------  --------------------------- 
 
 
1    Details of the person discharging managerial 
      responsibilities/person closely associated 
---  ---------------------------------------------------------------------- 
a)   Name:                                      Ronald Bain 
---  -----------------------------------------  --------------------------- 
2    Reason for the notification 
---  ---------------------------------------------------------------------- 
a)   Position/status                            Chief Financial 
                                                 Officer 
---  -----------------------------------------  --------------------------- 
b)   Initial notification /Amendment            Initial notification 
---  -----------------------------------------  --------------------------- 
3    Details of the issuer, emission allowance market 
      participant, auction platform, auctioneer or 
      auction monitor 
---  ---------------------------------------------------------------------- 
a)   Name                                       Eland Oil & Gas 
                                                 Plc 
---  -----------------------------------------  --------------------------- 
b)   LEI                                        213800QDGQKG3JKKRR86 
---  -----------------------------------------  --------------------------- 
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,   Ordinary Shares 
      type of instrument                         GBP0.10 each 
      Identification code                        GB00B8HHWX64 
---  -----------------------------------------  --------------------------- 
b)   Nature of the transaction                  Shares Options 
                                                 through Company's 
                                                 Long Term Share 
                                                 Incentive Plan 
---  -----------------------------------------  --------------------------- 
c)   Price(s) and volume(s)                      Call Price(s)    Volume(s) 
---  -----------------------------------------  --------------  ----------- 
                                                10p             250,000 
 ---------------------------------------------  --------------  ----------- 
d)   Aggregated information                     Date 25/5/18 
  - Aggregated volume                            450,000 @ 10pence 
  - Price 
 ---------------------------------------------  --------------------------- 
e)   Date of the transaction                    25(th) May 2018 
---  -----------------------------------------  --------------------------- 
f)   Place of the transaction                   Outside a trading 
                                                 venue 
---  -----------------------------------------  --------------------------- 
 

S 

For further information:

Eland Oil & Gas PLC ([phone])

www.elandoilandgas.com

George Maxwell, CEO

Ronald Bain, CFO

Finlay Thomson, IR

Canaccord Genuity Limited ([phone])

Henry Fitzgerald O'Connor / James Asensio

Panmure Gordon (UK) Limited ([phone])

Adam James / Atholl Tweedie

James Stearns

Camarco ([phone])

Billy Clegg / Georgia Edmonds / Tom Huddart

Notes to editors:

Eland Oil & Gas is an AIM-listed independent oil and gas company focused on production and development in West Africa, particularly the highly prolific Niger Delta region of Nigeria.

Through its joint venture company Elcrest, Eland's core asset is a 45% interest in OML 40 which is in the Northwest Niger Delta approximately 75km northwest of Warri and has an area of 498km(2). In addition, the Company has a 40% interest in the Ubima Field, onshore Niger Delta, in the northern part of Rivers State.

The OML 40 licence holds gross 2P reserves of 83.4 mmbbls, gross 2C contingent resources of 40.4 mmbbls and a best estimate of 254.5 mmbbls of gross unrisked prospective resources.* The Ubima field holds gross 2P reserves of 2.4 mmbbls of oil and gross 2C resource estimates of 31.1 mmbbl.**

Net production figures relate to Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), Eland's joint venture company. Production rates, when oil is exported via Forcados, are as measured at the Opuama PD meter, are subject to reconciliation and will differ from sales volumes.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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May 25, 2018 04:15 ET (08:15 GMT)