TIDMIOG
RNS Number : 0556A
Independent Oil & Gas PLC
24 May 2019
24 May 2019
Independent Oil & Gas plc
Appointment of Independent Non-Executive Director
Independent Oil and Gas plc ("IOG" or the "Company"), the
development and production company focused on becoming a
substantial UK gas producer, is pleased to announce the appointment
of Neil Hawkings as an Independent Non-Executive Director of the
Company, following an external search process.
Neil has over 35 years' experience in the upstream oil and gas
sector and has held various senior management positions at
ConocoPhillips ("Conoco") and Premier Oil Plc. During his time at
Conoco, Neil was Managing Director at Britannia Operator Limited
("BOL"), where he led operations at the Britannia gas condensate
field; the UK's second largest gas producing field. Prior to BOL,
Neil also played key roles in the successful development of
Conoco's Southern North Sea business and the greenfield development
of gas reserves at Conoco's West Natuna project in Indonesia.
More recently, Neil served as Operations Director at Premier Oil
Plc where he was responsible for operational and development
activities across their global portfolio. In 2013, he became the
Director for South East Asia and the Falkland Islands, which
includes the Chim Sao producing oil field in Vietnam, the Natuna
Sea gas fields in Indonesia and the Sea Lion Development project in
the Falklands. He holds a Master's Degree in Chemical Engineering
from Cambridge University.
Mr. Hawkings will serve on the Company's HSE and Technical
Committee of the Board.
Fiona MacAulay, Independent Non-Executive Chair of IOG,
commented:
"I am delighted to welcome Neil to the IOG Board. He joins the
Company at an important and exciting time and we firmly believe
that his long track record and well established technical and
commercial expertise will be hugely helpful as we continue to make
positive progress at our core SNS project and look forward to the
Harvey appraisal well due to spud in July."
The following new Options have been granted to Neil Hawkings as
Independent Non-Executive Director of the Company:
Name Position Number Exercise Vesting Total Options
of New Price Period Exercise Held Following
Options per Ordinary Period This Grant
Granted Share
(pence)
Neil Hawkings NED 600,000 13.5p 3 years 10 years 600,000
---------- --------- -------------- -------- ----------- ----------------
Grant of Share Options to Incentivise Long Term Performance
The Company has today granted options over 600,000 ordinary
shares in the Company ("Ordinary Shares") to Mr Neil Hawkings at an
exercise price payable of 13.5 pence per Ordinary Share (the
"Options"), being the middle market closing price on 23 May 2019,
the latest practicable date prior to this announcement. These
option awards have been issued under the Company Share Option Plan
('CSOP').
The new Options are intended to reward long term performance and
all vest after three years from date of grant and are subject to
the satisfaction of certain performance conditions including
Sanction of Phase 1 of the Southern North Sea Development Project;
the 30 day volume weighted average price per ordinary share in the
capital of the Company being not less than 25p at the time of
vesting and certain health and safety targets having been met.
Subject to vesting and such performance conditions being met, the
new Options are exercisable for up to ten years from the date of
grant and will lapse if not exercised by such date.
The following information is disclosed pursuant to Schedule Two
paragraph (g) of the AIM Rules for Companies:
Neil Hawkings
Neil Hawkings (aged 58 years) has been a director of the
following companies during the five years preceding the date of
this announcement: -
Current Directorships
Neil Hawkings Limited
Previous Directorships
Premier Oil and Gas Services Limited
Premier Oil (Encore Petroleum) Limited
Premier Oil Investments Limited
Encore Oil Limited
Encore (NNS) Limited
Premier Oil Aberdeen Services Limited
Premier Oil Holdings Limited
Premier Oil Andaman Limited
Premier Oil B Limited
Premier Oil Mexico Holdings Limited
Premier Oil Vietnam 121 Limited
Premier Oil Bukit Barat Limited
Premier Oil West Tuna Limited
Premier Oil Exploration and Production (Iraq) Limited
Premier Oil CCS Limited
Premier Oil Exploration and Production Limited
Premier Oil Exploration Limited
Premier Oil Plc
Premier Oil UK Limited
Premier Oil Group Limited
Encore Oil and Gas Limited
Premier Oil Exploration ONS Limited
Premier Oil (Encore Exploration UK) Limited
Encore (VOG) Limited
Premier Oil ONS Limited
Encore North Sea Limited
Encore CCS Limited
Encore Gas Storage Limited
Encore Natural Resources Limited
There is no further information to be disclosed pursuant to
Schedule Two paragraph (g) of the AIM Rules for Companies.
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas plc +44 (0) 20 3879 0510
Andrew Hockey (CEO)
James Chance (CFO)
Rupert Newall (Head of Corporate Finance)
finnCap Ltd +44 (0) 20 7220 0500
Christopher Raggett, Anthony Adams (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
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas reserves in the UK
Southern North Sea. The Company is targeting a 2P peak production
rate of 146 MMCF/d (c. 25,000 Boe/d) from its substantial Core
Project (2P gas Reserves of 302 BCF(2) + 2C gas Contingent
Resources of 108 BCF(3)) 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 unrisked
prospective gas resources of 202 BCF(1),(2) in Harvey and Goddard.
Alongside this IOG continues to pursue value accretive acquisitions
to generate significant shareholder returns. All IOG's licences and
the Thames Pipeline are owned 100% and operated by IOG.
(1)Updated management estimates based on interpretation and
mapping of 3D seismic data reprocessed to Pre-Stack Depth Migration
(PSDM) in 2018, subsequent to ERC Equipoise's 2017 Competent
Persons Report
(2)ERC Equipoise Competent Persons Report: October 2017,
adjusted by Management to account for updated project timing and
compression
(3)ERC Equipoise Competent Persons Report: October 2018
Notes:
Person Discharging Managerial Responsibilities ("PDMR")
Notification Forms
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Neil Hawkings
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status Independent Non-Executive Director
----------------------------------------- -------------------------------------------
(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)
-------------------- ---------------------
13.5p 600,000
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 24 May 2019
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
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END
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