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Grant of Share Options to Incentivise Long Term Performance

Independent Oil and Gas plc (“IOG” or “the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that it has today granted options over, in aggregate, 6,700,000 ordinary shares in the Company (“Ordinary Shares”) to its directors, senior management and employees at an exercise price payable of 12.75 pence per Ordinary Share (the “Options”), being the middle market closing price on 30 April 2019, the latest practicable date prior to this announcement.

These option awards have been issued under the Company Share Option Plan (‘CSOP’) which replaces the cancelled Long Term Incentive Plan (‘LTIP’), and cancels all options to have been granted under that plan scheduled in 2019 and 2020.

The new Options set out in the tables below for Directors, Executive Management and Employees 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. 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.
 
Executive Directors
 
The following new Options have been granted to Executive Directors of the Company:
Name Position Number of New Options Granted Exercise Price per Ordinary Share (pence) Vesting Period  
Exercise Period
Total Options Held Following This Grant
Andrew Hockey CEO 1,600,000 12.75 3 years 10 years 3,688,767
Mark
Hughes
COO 1,000,000 12.75 3 years 10 years 2,162,193
 
Senior Management and Employees
 
The following new Options have been granted to Senior Management and Employees:
Name Position Number of New Options Granted Exercise Price per Ordinary Share (pence) Vesting Period  
Exercise
Period
Total Options Held Following This Grant
Rupert Newall Head of Corporate Finance 1,200,000 12.75 3 years  
10 years
1,294,911
James Chance CFO 1,000,000 12.75 3 years  
10 years
 
3,116,729
  Employees 300,000 12.75 3 years 10 Years 300,000
 
 
 
Non-Executive Directors
 
The following new Options have been granted to Non-Executive Directors of the Company:
Name Position Number of New Options Granted Exercise Price per Ordinary Share (pence) Vesting Period  
Exercise
Period
Total Options Held Following This Grant
Fiona MacAulay Chair 1,000,000 12.75 3 years 10 years 1,000,000
Esa Ikaheimonen Senior NED 600,000 12.75 3 years 10 years 600,000
 
Fiona MacAulay, Chair of IOG commented:

The Company’s CSOP is designed to retain and incentivise key members of IOG’s Board, management team and employees to ensure that they preside over a proactive health, safety and environment focused culture, ensure key project milestones are met and deliver share price growth for all our shareholders and stakeholders over the coming years. Importantly the vesting criteria for these awards include the Sanction of Phase 1 of our exciting Southern North Sea development project.

 
 The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:
Independent Oil & Gas PLC
Andrew Hockey (CEO)
James Chance (CFO)
Rupert Newall (Head of Corporate Finance)
+44 (0) 20 3879 0510
finnCap Ltd (Nominated Adviser and Joint Bookrunner)
Christopher Raggett, Simon Hicks (Corporate Finance)
Camille Gochez (Corporate Broking)
 
+44 (0) 20 7220 0500
Peel Hunt LLP (Joint Bookrunner)
Richard Crichton
David McKeown
 
+44 (0) 20 7418 8900
Vigo Communications
Patrick d’Ancona
Chris McMahon
Simon Woods
 
+44 (0) 20 7390 0230
 
Notes:
Person Discharging Managerial Responsibilities (“PDMR”) Notification Forms
 
1. Details of the person discharging managerial responsibilities/person closely associated
(a) Name Fiona MacAulay       
2. Reason for the notification
(a) Position/status Non-Executive Chair
(b) Initial notification/ Amendment Initial notification
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 Financial Instrument Independent Oil & Gas plc Ordinary Shares of 1p each     
(b) Identification code of the Financial Instrument ISIN: GB00BF49WF64        
(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)
    12.75p 1,000,000
     
(e) Aggregated information
-        Aggregated volume
-        Price
 
n/a
(f) Date of the transaction 1 May 2019
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
1. Details of the person discharging managerial responsibilities/person closely associated
(a) Name Andrew Hockey       
2. Reason for the notification
(a) Position/status CEO
(b) Initial notification/ Amendment Initial notification
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 Financial Instrument Independent Oil & Gas plc Ordinary Shares of 1p each     
(b) Identification code of the Financial Instrument ISIN: GB00BF49WF64        
(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)
    12.75p 1,600,000
     
(e) Aggregated information
-        Aggregated volume
-        Price
 
n/a
(f) Date of the transaction 1 May 2019
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
1. Details of the person discharging managerial responsibilities/person closely associated
(a) Name Mark Hughes
2. Reason for the notification
(a) Position/status COO
(b) Initial notification/ Amendment Initial notification
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 Financial Instrument Independent Oil & Gas plc Ordinary Shares of 1p each     
(b) Identification code of the Financial Instrument ISIN: GB00BF49WF64        
(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)
    12.75p 1,000,000
     
(e) Aggregated information
-        Aggregated volume
-        Price
 
n/a
(f) Date of the transaction 1 May 2019
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
 
1. Details of the person discharging managerial responsibilities/person closely associated
(a) Name James Chance
2. Reason for the notification
(a) Position/status CFO (PDMR)
(b) Initial notification/ Amendment Initial notification
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 Financial Instrument Independent Oil & Gas plc Ordinary Shares of 1p each     
(b) Identification code of the Financial Instrument ISIN: GB00BF49WF64        
(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)
    12.75p 1,000,000
     
(e) Aggregated information
-        Aggregated volume
-        Price
 
n/a
(f) Date of the transaction 1 May 2019
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
1. Details of the person discharging managerial responsibilities/person closely associated
(a) Name Esa Ikaheimonen     
2. Reason for the notification
(a) Position/status Non-Executive Director
(b) Initial notification/ Amendment Initial notification
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 Financial Instrument Independent Oil & Gas plc Ordinary Shares of 1p each     
(b) Identification code of the Financial Instrument ISIN: GB00BF49WF64        
(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)
    12.75p 600,000
     
(e) Aggregated information
-        Aggregated volume
-        Price
 
n/a
(f) Date of the transaction 1 May 2019
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
1. Details of the person discharging managerial responsibilities/person closely associated
(a) Name Rupert Newall
2. Reason for the notification
(a) Position/status Head of Corporate Finance (PDMR)
(b) Initial notification/ Amendment Initial notification
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 Financial Instrument Independent Oil & Gas plc Ordinary Shares of 1p each     
(b) Identification code of the Financial Instrument ISIN: GB00BF49WF64        
(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)
    12.75p 1,200,000
     
(e) Aggregated information
-        Aggregated volume
-        Price
 
n/a
(f) Date of the transaction 1 May 2019
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)