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PDMR Dealing and Issue of Equity

Independent Oil and Gas plc (‘IOG’ or the ‘Company) (AIM: IOG.L), the development and production focused oil and gas company, has today issued a total of 94,911 ordinary shares of 1 penny each (‘Ordinary Shares’) in the capital of the Company.

On 23 May 2019, a notice was submitted by Rupert Newall, a PDMR of the Company, to exercise 94,911 penny options over Ordinary Shares awarded to him, pursuant to a ‘salary sacrifice’ share option agreement dated 1 March 2019.

The Company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trade on AIM (‘Admission’).  Admission is expected to occur on Thursday 30 May 2019. Following Admission, there will be 337,246,757 Ordinary Shares in issue with one voting right per Ordinary Share. 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 and Transparency Rules.
 
Enquiries:
Independent Oil and Gas plc
Andrew Hockey (CEO)
James Chance (CFO)
+44 (0) 20 3879 0510
finnCap Ltd
Christopher Raggett
Anthony Adams
+44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton
David McKeown
+44 (0) 20 7418 8900
Vigo Communications
Patrick d’Ancona
+44 (0) 20 7390 0230
 
 
Notes – 
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 114 MMCF/d (c. 20,000 Boe/d) from its substantial Core Project (2P gas Reserves of 302 BCF) via an efficient hub strategy.  In addition to the independently verified 2P reserves, IOG now has independently verified 2C contingent gas resources of 108 BCF in Goddard and best estimate unrisked prospective gas resources of 202 BCF 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.
 
Further information can be found on www.independentoilandgas.com
 
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 Exercise of Options over ordinary shares of 1 penny each in the Company
(d) Price(s) and volume(s) Price(s) Volume(s)
    1p 94,911
     
(e) Aggregated information
-        Aggregated volume
-        Price
 
n/a
(f) Date of the transaction 23 May 2019
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)