Jersey Oil and Gas PLC (LON:JOG)

Jersey Oil and Gas PLC (LON:JOG)


Share Price
73.00 p
Change
6 (8.96 %)
Market Cap
£15.94 m
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Jersey Oil and Gas PLC RNS Release

Grant of Share Options


RNS Number : 3205N
Jersey Oil and Gas PLC
17 January 2019
 

 

17 January 2019

 

Jersey Oil and Gas plc

("Jersey Oil & Gas" 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, 300,000 ordinary shares of 1p each in the share capital of the Company ("Ordinary Shares") to its directors, senior management and employees at an exercise price of 175 pence per Ordinary Share (the "Options"), being the middle market closing price on 16 January 2019, the latest practicable date prior to this announcement.

 

These Option awards were approved by the Remuneration Committee, and by the Board in the case of the Option awards 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.

 

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)

Exercise Period

Total Options Held Following This Grant

Andrew Benitz

Chief Executive Officer

70,000

175

7 years

430,000

Ronald Lansdell

Chief Operating Officer

70,000

175

7 years

430,000

Vicary Gibbs

Chief Financial Officer

40,000

175

7 years

190,000

 

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 New Options Granted

Exercise Price Per Ordinary Share (pence)

Exercise Period

Total Options Held Following This Grant

Marcus Stanton

Non-Executive Chairman

20,000

175

 5 years

101,570

Frank Moxon

Non-Executive Director

15,000

175

5 years

55,000

 

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 85,000 new Options, in aggregate, have been granted to certain other members of senior management and employees at the same exercise price of 175 pence per Ordinary Share.

 

Enquiries:

Jersey Oil and Gas plc

 

Andrew Benitz, CEO

C/o Camarco:

Tel:  020 3757 4983

Strand Hanson Limited

James Harris

Matthew Chandler

James Bellman

Tel:  020 7409 3494

Arden Partners plc

Paul Shackleton

Benjamin Cryer

Tel: 020 7614 5900

BMO Capital Markets Limited

Jeremy Low

Tom Rider

Tel: 020 7236 1010

Camarco

Billy Clegg

Georgia Edmonds 

James Crothers

Tel:  020 3757 4983

 

 

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 owns an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d, Outer Moray Firth, in which the operator, Equinor UK Limited, owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest. This licence contains the Verbier oil discovery, with initial operator estimates of gross recoverable resources of between 25 and 130 million barrels of oil equivalent ("mmboe") with an estimated mean of 69mmboe.

The Company plans to build an upstream E&P portfolio via both organic development and acquisitions coinciding with the cyclical recovery in the oil price and the opportune buying market in the North Sea. The Company is involved in multiple acquisition opportunities and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated growth strategy.

 

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 ("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 instrument, type of instrument

Options over ordinary shares of 1 pence each in the Company

Identification code

GB00BYN5YK77

b)

Nature of the Transaction

Grant of Options over ordinary shares of 1 pence each in the Company

c)

Price(s) and volume(s)

Price(s) Volume(s)

175p     70,000

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

17 January 2019

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 instrument, type of instrument

Options over ordinary shares of 1 pence each in the Company

Identification code

GB00BYN5YK77

b)

Nature of the Transaction

Grant of Options over ordinary shares of 1 pence each in the Company

c)

Price(s) and volume(s)

Price(s) Volume(s)

175p     70,000

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

17 January 2019

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 instrument, type of instrument

Options over ordinary shares of 1 pence each in the Company

Identification code

GB00BYN5YK77

b)

Nature of the Transaction

Grant of Options over ordinary shares of 1 pence each in the Company

c)

Price(s) and volume(s)

Price(s) Volume(s)

175p     40,000

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

17 January 2019

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 instrument, type of instrument

Options over ordinary shares of 1 pence each in the Company

Identification code

GB00BYN5YK77

b)

Nature of the Transaction

Grant of Options over ordinary shares of 1 pence each in the Company

c)

Price(s) and volume(s)

Price(s) Volume(s)

175p     20,000

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

17 January 2019

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 instrument, type of instrument

Options over ordinary shares of 1 pence each in the Company

Identification code

GB00BYN5YK77

b)

Nature of the Transaction

Grant of Options over ordinary shares of 1 pence each in the Company

c)

Price(s) and volume(s)

Price(s) Volume(s)

175p     15,000

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

17 January 2019

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

 

 


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