Jersey Oil and Gas PLC Grant of Share Options (3441T)
November 24 2021 - 2:00AM
UK Regulatory
TIDMJOG
RNS Number : 3441T
Jersey Oil and Gas PLC
24 November 2021
24 November 2021
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Grant of Share Options
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and
gas company focused on the UK Continental Shelf region of the North
Sea, announces that it has, on 23 November 2021, granted options
over, in aggregate, 700,000 ordinary shares of 1p each in the
capital of the Company ("Ordinary Shares") to its recently
appointed Chief Financial Officer and Chief Commercial Officer (the
"Options"). The Options have been granted at an exercise price of
147p, representing the middle market closing price of an Ordinary
Share on 19 November 2021 being the last business day immediately
prior to the announcement of their respective appointments.
Accordingly, a total of 2,786,689 option awards are outstanding
following these latest grants, which represents approximately 8.6
per cent. of the Company's existing issued share capital of
32,554,293 Ordinary Shares.
The Options have been issued under the Jersey Oil and Gas plc
2021 Employee Share Option Plan. Further details of the Option
awards are set out below.
Executive Director and Senior Manager
The following new Options have been granted to an Executive
Director and Senior Manager of the Company:
Name Position Number Exercise Exercise Total Options
of New Price Period Held Following
Options Per Ordinary This Grant
Granted Share
(pence)
Chief Financial
Graham Forbes Officer 350,000 147 7 years 350,000
------------------ --------- -------------- --------- ----------------
Chief Commercial
Richard Smith Officer 350,000 147 7 years 350,000
------------------ --------- -------------- --------- ----------------
The new Options set out in the table above all vest in three
equal tranches (one, two and three years from their date of grant)
and are subject to the satisfaction of certain performance
conditions to be determined and interpreted at the discretion of
the Company's Remuneration Committee. On announcement of a farm out
in respect of the Company's Greater Buchan Area ("GBA") development
project, the Options will vest in full and become exercisable from
such date. Subject to the vesting and performance conditions being
met, the new Options are exercisable for up to seven years from
their date of grant and will lapse if not exercised by such
date.
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 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 G BA 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 ("MAR") .
PDMR Notification Forms :
The notifications below are made in accordance with the
requirements of MAR.
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Graham Forbes
-------------------------------- -----------------------------------
2. Reason for the Notification
---------------------------------------------------------------------
a) Position/status Chief Financial Officer (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 Options over ordinary shares
instrument, type of instrument of 1 penny each in the Company
-------------------------------- -----------------------------------
Identification code GB00BYN5YK77
-------------------------------- -----------------------------------
b) Nature of the Transaction Grant of Options over ordinary
shares of 1 penny each in the
Company
-------------------------------- -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
147p 350,000
-------------------------------- -----------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------
e) Date of the transaction 23 November 2021
-------------------------------- -----------------------------------
f) Place of the transaction Outside of a trading venue
-------------------------------- -----------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Richard Smith
--------------------------------- --------------------------------
2. Reason for the Notification
-------------------------------------------------------------------
a) Position/status Chief Commercial Officer
--------------------------------- --------------------------------
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 Options over ordinary shares
instrument, type of instrument of 1 penny each in the Company
--------------------------------- --------------------------------
Identification code GB00BYN5YK77
--------------------------------- --------------------------------
b) Nature of the Transaction Grant of Options over ordinary
shares of 1 penny each in the
Company
--------------------------------- --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
147p 350,000
--------------------------------- --------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
--------------------------------- --------------------------------
e) Date of the transaction 23 November 2021
--------------------------------- --------------------------------
f) Place of the transaction Outside of a trading venue
--------------------------------- --------------------------------
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