TIDMJOG
RNS Number : 6390S
Jersey Oil and Gas PLC
18 March 2021
18 March 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 ("UKCS") region of
the North Sea, announces that it has today granted options over, in
aggregate, 522,000 ordinary shares of 1p each in the capital of the
Company ("Ordinary Shares") to its Directors, senior management and
employees (the "Options"). The Options have been granted at an
exercise price of 210p, representing a premium of approximately
15.7 per cent. to the middle market closing price of an Ordinary
Share of 181.5p on 17 March 2021, being the latest practicable date
prior to this announcement.
A total of 2,781,689 Option awards are outstanding following
these new grants, which will represent approximately 9.0 per cent.
of the Company's enlarged share capital of 30,920,136 Ordinary
Shares following shareholder approval and completion of the placing
and subscription elements of the Company's fundraising announced
yesterday (excluding any further Ordinary Shares which may be
issued pursuant to the forthcoming offer for subscription for
qualifying participants).
The Option awards were approved by the Remuneration Committee,
and by the Board in respect of the Options awarded to Non-Executive
Directors, as part of the Company's annual pay review process. The
Options have been issued under the Jersey Oil and Gas plc 2016
Enterprise Management Incentive and Unapproved Share Option Plan.
Further details of the Option awards are set out below.
Executive Directors
The following new Options have been granted to Executive
Directors 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 Executive
Andrew Benitz Officer 110,000 210 7 years 540,000
----------------- --------- -------------- --------- ----------------
Chief Operating
Ronald Lansdell Officer 110,000 210 7 years 540,000
----------------- --------- -------------- --------- ----------------
Chief Financial
Vicary Gibbs Officer 75,000 210 7 years 265,000
----------------- --------- -------------- --------- ----------------
The new Options set out in the table above for Executive
Directors all vest in three equal tranches (one, two and three
years from the date of grant) and are subject to the satisfaction
of certain performance conditions to be determined and interpreted
at the discretion of the Remuneration Committee. Subject to vesting
and such 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.
Non-Executive Directors
The following new Options have been granted to Non-Executive
Directors of the Company:
Name Position Number of Exercise Exercise Total Options
New Options Price Per Period Held Following
Granted Ordinary This Grant
Share (pence)
Marcus Stanton Non-Executive Chairman 20,000 210 5 years 121,570
------------------------ ------------- --------------- --------- ----------------
Frank Moxon Non-Executive Director 15,000 210 5 years 70,000
------------------------ ------------- --------------- --------- ----------------
The new Options set out in the table above for Non-Executive
Directors all vest in three equal tranches (one, two and three
years from the date of grant) and have no performance conditions.
Subject to vesting, the new Options are exercisable for up to five
years from their date of grant and will lapse if not exercised by
such date.
Senior Management and Employees
A further 192,000 new Options, in aggregate, have been granted
to certain other members of senior management and employees at the
same exercise price of 210 p per Ordinary Share.
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
Benjamin Cryer
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
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 and Glenn oil discoveries and an 100%
working interest in the P2170 Licence Blocks 20/5b & 21/1d
(subject to the O il & G as A uthority's approval of the
acquisition of CIECO V&C UK Limited as announced on 26 November
2020), that contain the Verbier oil discovery and other exploration
prospects
JOG's total GBA acreage is estimated by management to contain
190 million barrels of oil equivalent ( " mmboe " ) of discovered
P50 recoverable resources net to JOG, in addition to significant
exploration upside potential of approximately 220 mmboe of
prospective resources in close proximity to our 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) later this year.
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 (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 Andrew Benitz
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Chief Executive 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 of 1 penny
instrument, type of instrument each in the Company
-------------------------------- -----------------------------------------
Identification code GB00BYN5YK77
-------------------------------- -----------------------------------------
b) Nature of the Transaction Grant of Options over ordinary shares
of 1 pennny each in the Company
-------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
210p 110,000
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 18 March 2021
-------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ronald Lansdell
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Chief Operating 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 of 1 penny
instrument, type of instrument 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)
210p 110,000
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 18 March 2021
-------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Vicary Gibbs
-------------------------------- -----------------------------------------
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 of 1 penny
instrument, type of instrument 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)
210p 75,000
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 18 March 2021
-------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Marcus Stanton
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Non-Executive Chairman (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 of 1 penny
instrument, type of instrument 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)
210p 20,000
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 18 March 2021
-------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Frank Moxon
-------------------------------- -----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------------
a) Position/status Non-Executive Director (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 of 1 penny
instrument, type of instrument 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)
210p 15,000
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 18 March 2021
-------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
-------------------------------- -----------------------------------------
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END
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