Independent Oil & Gas PLC Issue of Equity / PDMR Shareholding (6438T)
March 26 2021 - 5:46AM
UK Regulatory
TIDMIOG
RNS Number : 6438T
Independent Oil & Gas PLC
26 March 2021
26 March 2021
Independent Oil and Gas plc
Issue of Equity and PDMR Shareholding
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM:
IOG.L), the development and production company focused on becoming
a substantial UK gas producer, has issued a total of 473,568
ordinary shares of 1 penny each in the capital of the Company
("Ordinary Shares").
On 24 March 2021, a notice was submitted by James Chance, a PDMR
of the Company, to exercise 473,568 options over Ordinary Shares
pursuant to a Salary Sacrifice Share Option agreement (the
"Exercise"). The options were originally issued in 2016 and were
close to expiry. To part fund the personal tax liabilities
crystallised by the Exercise, James Chance has sold a total of
186,602 Ordinary Shares at a weighted average price of 17.19p per
Ordinary Share.
On Admission James Chance will hold 578,463 Ordinary Shares,
representing approximately 0.12% of the share capital of the
Company on Admission.
Issue of Equity
The Company has applied to the London Stock Exchange for
admission of 473,568 new Ordinary Shares to trading on AIM
("Admission"). Admission is expected to occur on 31 March 2021.
Following Admission there will be 488,857,611 Ordinary Shares in
issue. Accordingly, this number may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company under the FCA's Disclosure Guidance and
Transparency Rules.
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 and IR
------------------------------- ----------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ----------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
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 Options over ordinary shares
Financial instrument, Ordinary Shares
type of instrument
Identification code GB00BF49WF64
------------------------------- ----------------------------------------------
b) Nature of the transaction Exercise of options over ordinary
shares
Sale of ordinary shares
------------------------------- ----------------------------------------------
c) Price(s) and volume(s) Exercise of options over ordinary
shares Price(s) Volume(s)
1p 473,568
----------
Sale of ordinary shares Price(s) Volume(s)
17.19p 186,602
----------
------------------------------- ----------------------------------------------
d) Aggregated information: See 4(c)
* Aggregated volume
* Price
------------------------------- ----------------------------------------------
e) Date of the transaction 24 March 2021
------------------------------- ----------------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- ----------------------------------------------
Enquiries:
Independent Oil and Gas plc
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR) +44 (0) 20 7036 1400
finnCap Ltd
Christopher Raggett
Simon Hicks +44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton
David McKeown +44 (0) 20 7418 8900
Vigo Communications
Patrick d'Ancona
Chris McMahon
Simon Woods +44 (0) 20 7390 0230
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) and
management estimated 2C gas Contingent Resources of 132 Bcfe, via
an efficient hub strategy based on co-owned infrastructure. In
addition to its 2P reserves at Blythe, Elgood, Southwark,
Nailsworth and Elland and 2C contingent resources at Goddard, it
has management estimated gross 2C contingent resources of 23 Bcfe
at Abbeydale and unrisked mid-case prospective resources of 66 Bcfe
at Thornbridge, 31 Bcfe at Southsea, 31 Bcfe at Kelham, 27 Bcfe and
16 Bcfe in the two Goddard flank structures, and 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 gross mid-case contingent resources of 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
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
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