TIDMJOG
RNS Number : 0280Q
Jersey Oil and Gas PLC
25 October 2021
25 October 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Exercise of Options and Director/PDMR Dealings
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and
gas company focused on the UK Continental Shelf ("UKCS") region of
the North Sea, announces that it has received notice of the
exercise of, in aggregate, 660,000 options over ordinary shares of
1p each in the Company ("Ordinary Shares") by certain directors and
PDMRs and a number of current and former employees at an exercise
price of GBP1.10 per Ordinary Share ("Options") (the "Option
Exercises").
All of the Options exercised, which were granted in 2016 and are
due to expire shortly, have been exercised on a cashless basis as
permitted by the terms of the Company's share option plan, such
that, in aggregate, 558,764 of the new Ordinary Shares being issued
pursuant to the Option Exercises have been sold via the Company's
broker at a price of GBP1.40 to fund the exercise of the Options,
the tax and the transaction costs (the "Cashless Exercises"). The
Directors sold only such number of Ordinary Shares pursuant to the
Cashless Exercises as was necessary to fund such costs.
In addition, certain of the non-Board and former employee Option
holders have elected, pursuant to the terms of the Company's share
option plan, for the Company to sell on their behalf the balance of
the new Ordinary Shares due to be issued to them pursuant to the
Cashless Exercises, such that the relevant Option holders will
receive, in cash, the net proceeds of such sales (after taking into
account costs and tax due by the Option holders concerned) (the
"All-cash Exercises").
Rather than exercise the Options through multiple trades, all of
the Option holders agreed to effect the sale of shares associated
with the Cashless and All-cash Exercises at a single price of
GBP1.40, which was executed by the Company's Brokers through a
single block trade.
Accordingly, the Company will issue, in aggregate, 660,000 new
Ordinary Shares to satisfy the Option Exercises (the "New Ordinary
Shares") and the Company expects to receive net proceeds of
GBP720,497.90 pursuant to the Option Exercises.
Details of the exercises by the relevant director/PDMR Option
holders are set out below:
Option Holder Number of Options Type of Exercise New Ordinary Shares Resultant holding of
exercised received Ordinary Shares
Marcus Stanton
(Non-Executive
Chairman) 40,000 Cashless Exercise 4,351 110,411
---------------------- ---------------------- ---------------------- ----------------------
Andrew Benitz (Chief
Executive Officer) 180,000 Cashless Exercise 37,860 688,892
---------------------- ---------------------- ---------------------- ----------------------
Ronald Lansdell
(Chief Operating
Officer) 180,000 Cashless Exercise 37,860 1,066,601
---------------------- ---------------------- ---------------------- ----------------------
Frank Moxon
(Non-Executive
Director) 20,000 Cashless Exercise 2,091 87,026
---------------------- ---------------------- ---------------------- ----------------------
Current and former Cashless Exercise /
employees 240,000 All-cash Exercise 19,074
---------------------- ---------------------- ---------------------- ----------------------
Total 660,000 101,236
---------------------- ---------------------- ---------------------- ----------------------
Admission to trading on AIM
Application will be made to the London Stock Exchange for
admission of the New Ordinary Shares to trading on AIM
("Admission"). It is expected that Admission will become effective
and that dealings in the New Ordinary Shares will commence at 8.00
a.m. on 28 October 2021.
Total voting rights
Following Admission, the Company's enlarged share capital will
comprise 32,554,293 Ordinary Shares, with voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore,
the total number of Ordinary Shares in the Company with voting
rights will be 32,554,293 Ordinary Shares and Shareholders may use
this figure as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
change to their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Enquiries :
Jersey Oil and Gas plc Andrew Benitz, CEO C/o Camarco:
Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners plc Paul Shackleton Tel: 020 7614 5900
finnCap Ltd Christopher Raggett Tel: 020 7220 0500
Tim Redfern
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
Rebecca Waterworth
Notes to Editors :
Jersey Oil & Gas is a UK E&P company focused on building
an upstream oil and gas business in the North Sea. The Company
holds a significant acreage position within the Central North Sea
referred to as the Greater Buchan Area ("GBA"), which includes
operatorship and 100% working interests in blocks that contain the
Buchan oil field and J2 oil discovery and an 100% working interest
in the P2170 Licence Blocks 20/5b & 21/1d, that contain the
Verbier oil discovery and other exploration prospects.
JOG's total GBA acreage, post 29 August 2021, is estimated by
management to contain 172 million barrels of oil equivalent
("MMboe") of discovered P50 recoverable resources net to JOG, in
addition to significant exploration upside potential of
approximately 168MMboe of prospective resources in close proximity
to the Company's planned Buchan platform. JOG has recently
concluded the Concept Select phase of an FDP for the Greater Buchan
Area and plans to progress into Front-End Engineering and Design
(FEED) following greater clarity being obtained on regional
electrification options and funding.
JOG is focused on delivering shareholder value and growth
through creative deal-making, operational success and licensing
rounds. Its management is convinced that opportunity exists within
the UK North Sea to deliver on this strategy and the Company has a
solid track-record of tangible success.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
PDMR Notification Forms
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Marcus Stanton
------------------------------------------------------------ --------------------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------------------------------------------------
a) Position/status Director
------------------------------------------------------------ --------------------------------------------------
b) Initial notification/amendment Initial notification
------------------------------------------------------------ --------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
----------------------------------------------------------------------------------------------------------------
a) Name Jersey Oil & Gas plc
------------------------------------------------------------ --------------------------------------------------
b) LEI 213800RIR1SZC1734G32
------------------------------------------------------------ --------------------------------------------------
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 Ordinary shares of 1 penny each
------------------------------------------------------------ --------------------------------------------------
Identification code GB00BYN5YK77
------------------------------------------------------------ --------------------------------------------------
b) Nature of the Transaction Cashless exercise of options over ordinary shares
------------------------------------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1.10 40,000 Exercise
of options
-------------------
1.393 35,649 Sale of
shares (effected
by Jersey Oil and
Gas plc)
-------------------
------------------------------------------------------------ --------------------------------------------------
d) Aggregated information 4,351 ordinary shares received
Aggregated volume Price
------------------------------------------------------------ --------------------------------------------------
e) Date of the transaction 22 October2021
------------------------------------------------------------ --------------------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------------------------------------ --------------------------------------------------
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Andrew Benitz
------------------------------------------------------------ --------------------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------------------------------------------------
a) Position/status Director
------------------------------------------------------------ --------------------------------------------------
b) Initial notification/amendment Initial notification
------------------------------------------------------------ --------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
----------------------------------------------------------------------------------------------------------------
a) Name Jersey Oil & Gas plc
------------------------------------------------------------ --------------------------------------------------
b) LEI 213800RIR1SZC1734G32
------------------------------------------------------------ --------------------------------------------------
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 Ordinary shares of 1 penny each
------------------------------------------------------------ --------------------------------------------------
Identification code GB00BYN5YK77
------------------------------------------------------------ --------------------------------------------------
b) Nature of the Transaction Cashless exercise of options over ordinary shares
------------------------------------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1.10 180,000 Exercise
of options
-------------------
1.393 142,140 Sale of
shares (effected
by Jersey Oil and
Gas plc)
-------------------
------------------------------------------------------------ --------------------------------------------------
d) Aggregated information 37,860 ordinary shares received
Aggregated volume Price
------------------------------------------------------------ --------------------------------------------------
e) Date of the transaction 22 October 2021
------------------------------------------------------------ --------------------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------------------------------------ --------------------------------------------------
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Ronald Lansdell
------------------------------------------------------------ --------------------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------------------------------------------------
a) Position/status Director
------------------------------------------------------------ --------------------------------------------------
b) Initial notification/amendment Initial notification
------------------------------------------------------------ --------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
----------------------------------------------------------------------------------------------------------------
a) Name Jersey Oil & Gas plc
------------------------------------------------------------ --------------------------------------------------
b) LEI 213800RIR1SZC1734G32
------------------------------------------------------------ --------------------------------------------------
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 Ordinary shares of 1 penny each
------------------------------------------------------------ --------------------------------------------------
Identification code GB00BYN5YK77
------------------------------------------------------------ --------------------------------------------------
b) Nature of the Transaction Cashless exercise of options over ordinary shares
------------------------------------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1.10 180,000 Exercise
of options
-------------------
1.393 142,140 Sale of
shares (effected
by Jersey Oil and
Gas plc)
-------------------
------------------------------------------------------------ --------------------------------------------------
d) Aggregated information 37,860 ordinary shares received
Aggregated volume Price
------------------------------------------------------------ --------------------------------------------------
e) Date of the transaction 22 October 2021
------------------------------------------------------------ --------------------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------------------------------------ --------------------------------------------------
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Frank Moxon
------------------------------------------------------------ --------------------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------------------------------------------------
a) Position/status Director
------------------------------------------------------------ --------------------------------------------------
b) Initial notification/amendment Initial notification
------------------------------------------------------------ --------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
----------------------------------------------------------------------------------------------------------------
a) Name Jersey Oil & Gas plc
------------------------------------------------------------ --------------------------------------------------
b) LEI 213800RIR1SZC1734G32
------------------------------------------------------------ --------------------------------------------------
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 Ordinary shares of 1 penny each
------------------------------------------------------------ --------------------------------------------------
Identification code GB00BYN5YK77
------------------------------------------------------------ --------------------------------------------------
b) Nature of the Transaction Cashless exercise of options over ordinary shares
------------------------------------------------------------ --------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1.10 20,000 Exercise
of options
-------------------
1.393 17,909 Sale of
shares (effected
by Jersey Oil and
Gas plc)
-------------------
------------------------------------------------------------ --------------------------------------------------
d) Aggregated information 2,091 ordinary shares received
Aggregated volume Price
------------------------------------------------------------ --------------------------------------------------
e) Date of the transaction 22 October 2021
------------------------------------------------------------ --------------------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------------------------------------ --------------------------------------------------
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END
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