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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Iog Plc | LSE:IOG | London | Ordinary Share | GB00BF49WF64 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMIOG
RNS Number : 1314N
Independent Oil & Gas PLC
28 January 2021
28 January 2021
Independent Oil and Gas plc
Grant of Share Options to Incentivise Long-Term Performance
Independent Oil and Gas plc ("IOG" or " the Company " ), (AIM: IOG.L), the UK gas company targeting high returns via an infrastructure-led hub strategy , announces that, under its Company Share Option Plan, it has today granted options over, in aggregate, 8,578,907 1p Ordinary Shares in the Company ("Ordinary Shares") to its executive directors, senior management and employees to incentivise long-term performance (the "LTIP Options").
The new LTIP Options, which are set out in the tables below, are intended to reward long term performance that delivers value for all shareholders. Vesting is subject to the following basket of performance conditions:
- 40% will vest upon achievement of a compound annual Total Shareholder Return ("TSR") of 12.5% over a three-year period
- Up to 20% will vest upon achievement of upper quartile TSR relative to a basket of peer companies over a three-year period from date of grant subject to a floor based on the price at award
- The remaining 40% will vest upon successful delivery of a series of project and company specific commercial milestones, including:
o Production targets (including a first gas target)
o Field Development Plan ("FDP") approval for a further phase of development
o Establishment of an independent baseline carbon intensity assessment for the Phase 1 development in 2021 and meeting a meaningful carbon intensity target level in future years
Subject to vesting, the new LTIP Options are exercisable for up to ten years from the date of grant and will lapse if not exercised by such date.
The aggregate total of 8,578,907 new LTIP Options represents 1.76% of the total issued Ordinary Shares and 1.40% on a fully diluted basis.
Executive Directors
The following new LTIP Options have been granted to Executive Directors of the Company:
Hot Features
Premium
Name Position Number of Exercise Price Exercise Total LTIP
New Options per Ordinary Period Options Held
Granted Share (pence) Following This
Grant
Andrew Hockey CEO 2,314,166 1p 10 years 7,770,576
---------- ------------- --------------- --------- ----------------
Rupert Newall CFO 1,753,156 1p 10 years 4,662,558
---------- ------------- --------------- --------- ----------------
Senior Management and Employees
The following new LTIP Options have been granted to Senior Management and Employees:
Name Position Number Exercise Exercise Total LTIP
of New Price per Period Options Held
Options Ordinary Following This
Granted Share (pence) Grant
Head of
Corporate
James Chance Finance 771,389 1p 10 years 4,275,663
------------ ---------- --------------- --------- ----------------
General
Robin Storey Counsel 701,263 1p 10 years 1,521,776
------------ ---------- --------------- --------- ----------------
Other Employees Various 3,038,933 1p 10 years 8,957,820
------------ ---------- --------------- --------- ----------------
The LTIP Options are distinct from those held by acceptance of options in lieu of salaries or fees due in given periods ("Salary Sacrifice Options"), which are set by the VWAP of 1p Ordinary Shares over the relevant period of salary sacrifice, have a five-year term and are not linked to performance. The current total outstanding number of unexercised Salary Sacrifice Options held by current and former IOG personnel is 4,480,836.
Fiona MacAulay, Chair of IOG, commented:
"The Company's Share Option Plan is designed to incentivise all our employees to work effectively together to deliver key targets that align with our strategic goals designed to deliver material value for shareholders. The performance conditions include material share price appreciation on both an absolute basis and relative to our industry peer group, the major operational milestones of Phase 1 first gas and Phase 2 FDP approval, and meeting independently assessed carbon intensity targets, which form an important part of our ESG credentials."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Enquiries:
Independent Oil and Gas plc +44 (0) 20 3879 0510
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR)
finnCap Ltd +44 (0) 20 7220 0500
Christopher Raggett, Simon Hicks (Corporate Finance)
Camille Gochez (Corporate Broking)
Peel Hunt LLP +44 (0) 20 7418 8900
Richard Crichton
David McKeown
Vigo Communications +44 (0) 20 7390 0230
Patrick d'Ancona
Chris McMahon
Simon Woods
Notes:
Person Discharging Managerial Responsibilities ("PDMR") Notification Forms
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Andrew Hockey
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status CEO
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 2,314,166
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 28 Jan 2021
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Rupert Newall
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status CFO
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 1,753,156
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 28 Jan 2021
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name James Chance
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status Head of Corporate Finance & IR (PDMR)
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 771,389
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 28 Jan 2021
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Robin Storey
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status General Counsel and Company Secretary
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
1p 701,263
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 28 Jan 2021
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
About IOG:
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe(1) + 2C gas Contingent Resources of 108 Bcfe(2), via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe(2) at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 21 Bcfe at Harvey. In December 2020 IOG also accepted a 50% operated stake in Licence P2589, containing the Panther and Grafton gas discoveries with management estimated 46 Bcfe and 35 Bcfe respectively. In addition IOG continues to pursue value accretive acquisitions to help generate significant shareholder returns.
(1) ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression
(2) ERC Equipoise Competent Persons Report: October 2018
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END
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(END) Dow Jones Newswires
January 28, 2021 02:00 ET (07:00 GMT)
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