Prospex Oil and Gas PLC Director Dealing and Award of Options (7384S)
December 23 2016 - 4:50AM
UK Regulatory
TIDMPXOG
RNS Number : 7384S
Prospex Oil and Gas PLC
23 December 2016
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
23 December 2016
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Director Dealing
Award of Options
Prospex Oil and Gas Plc, the AIM quoted investment company,
announces that following the appointment of Mr James Smith as
Non-Executive Director to the Board (see announcement dated 22
December 2016), he has today been awarded options to subscribe for
1,436,000 ordinary shares of 1 pence each in the Company ("Ordinary
Share") at an exercise price of 1.1 pence per Ordinary Share and
vesting when the price of an Ordinary Share closes at 5 pence or
more for 5 consecutive days. Mr Smith has no other interest in
Ordinary Shares.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------
a) Name James Smith
--- ------------------------------- ------------------------------
2. Reason for the Notification
--- ---------------------------------------------------------------
a) Position/status Non-Executive Director
--- ------------------------------- ------------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- ------------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- ---------------------------------------------------------------
a) Name Prospex Oil & Gas plc
--- ------------------------------- ------------------------------
b) LEI 213800NY9RH8O1B72D27
--- ------------------------------- ------------------------------
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 Ordinary shares of 1 pence
Financial instrument, each
type of instrument
--- ------------------------------- ------------------------------
Identification code GB00BW4NPC58
--- ------------------------------- ------------------------------
b) Nature of the Transaction Grant of options to acquire
shares
--- ------------------------------- ------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- -----------------
1.1p 1,436,000 Shares
--------- -----------------
--- ------------------------------- ------------------------------
d) Aggregated information n/a
Aggregated volume
Price
--- ------------------------------- ------------------------------
e) Date of the transaction 23 December 2016
--- ------------------------------- ------------------------------
f) Place of the transaction Outside a trading venue
--- ------------------------------- ------------------------------
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
* * ENDS * *
For further information visit www.prospexoilandgas.com or
contact the following:
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 20
Plc 3586 1009
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer 7409 3494
Jack Botros
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Lucy Williams Peterhouse Corporate Tel: +44 (0) 20
Charles Goodfellow Finance 7469 0932
Eran Zucker
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Charlotte Page Ltd 7236 1177
Grace-Anne Marius
Notes
Prospex Oil and Gas Plc is an AIM quoted investment company
focussed on high impact onshore and shallow offshore European
opportunities with short timelines to production. The Company's
management is looking to repeat the success it has had in the past
by acquiring undervalued projects with multiple, tangible value
trigger points that can be realised within 12 months of acquisition
and then applying low cost re-evaluation techniques to identify and
de-risk prospects.
The Company is currently focussed on its 49% interest in Hutton
Poland, which holds the 1,150 sq km Kolo licence inside the Polish
Central Basin. Kolo contains multiple targets, including the
Boleslaw prospect, where drilling commenced in December 2016.
Boleslaw's favourable economics were highlighted in a Competent
Person's Report ('CPR') by AGR TRACS, which assigned an Expected
Monetary Value ("EMV") (net to Prospex) at 1 January 2016 of
between US$7.1m and US$12.2m (see announcement dated 26 May 2016
for further details).
The CPR was based on production scenarios of 3,333-6,666 boepd
from a single well, demonstrating that the project can generate
positive returns in many scenarios.
The Company maintains an active growth strategy and continues to
assess additional acquisition opportunities across Europe.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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