REG - i3 Energy PLC - LTIP Share Option and Cash Pool Awards

I3 EnergyAnnouncement

10/11/2023 07:00

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RNS Number : 0724T  i3 Energy PLC  10 November 2023

10 November 2023

i3 Energy plc

("i3", "i3 Energy", or the "Company")

LTIP Share Option and Cash Pool Awards

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with
assets and operations in the UK and Canada, announces that it has issued LTIP
awards, in accordance with the rules of the Company's Share Option Plan, which
include option and cash pool awards ("collectively the LTIP Awards").  The
LTIP Awards includes options over 18,079,470 ordinary shares to i3 staff and
executive board members and an approximate cash pool reward of £1,836,826.
The exercise price of the options is £0.1130 per share, being the closing
price of the Company's shares on AIM on 9 November 2023.

The LTIP Awards issued to the executive directors and a PDMR are as follows:

                 Options Issued  Cash Pool LTIP
 Majid Shafiq    2,303,390       £226,703
 Ryan Heath      2,190,720       £212,835
 Jason Dranchuk  1,655,540       £161,526

 

The LTIP Awards will vest over a three-year period, subject to accelerated
vesting on the following performance targets being met:

a)   For employees of i3 Energy Canada Ltd. and i3 Energy plc:

·    1/3 on achieving production of 26,000 boepd (this target to be
adjusted downwards by the production volume associated with any i3 divestment
in the period)

·    1/3 on the acquisition of 5,000 boepd

·    1/3 on the addition of 25 mmbbls of 2P reserves

Or 1/3 vesting each year, on the anniversary of the grant, if not vested in
accordance to the conditions above.

b)   For employees of i3 Energy North Sea Limited and i3 Energy plc:

·    1/3 on FDP of Serenity or Kyle/Banff (if i3 holds a working interest)

·    1/3 on acquisition of 2,500 boepd

·    1/3 on addition of 10 mmbbls of 2P reserves

Or 1/3 vesting each year, on the anniversary of the grant, if not vested in
accordance to the conditions above.

Regardless of the above, 100% of the LTIP Awards will vest if there is a
change of control of the Company or sale of 75% of the PDP reserves.

Immediately following this announcement, the Company has in issue
1,202,447,663 Ordinary Shares of £0.0001 each, 5,000 deferred shares of
£10.00 each, 18,079,470 options at an exercise price of £0.1130 each,
550,000 options at an exercise price of £0.1278 each, 3,000,000 options at an
exercise price of £0.2000 each, 1,350,000 options at an exercise price of
£0.2155 each, 425,000 options at an exercise price of £0.2940 each, 425,000
options at an exercise price of £0.2775 each, 21,149,731 options at an
exercise price of £0.1100 each, 4,962,546 share options at an exercise price
of £0.0500 each and 853,652 options at an exercise price of £0.0001

ENDS

Enquiries:

 i3 Energy plc                                  c/o Camarco

 Majid Shafiq (CEO)                             Tel: +44 (0) 203 781 8331

 WH Ireland Limited (Nomad and Joint Broker)

 James Joyce, Darshan Patel                     Tel: +44 (0) 207 220 1666

 Tennyson Securities (Joint Broker)

 Peter Krens                                    Tel: +44 (0) 207 186 9030

 Stifel Nicolaus Europe Limited (Joint Broker)

 Ashton Clanfield, Callum Stewart               Tel: +44 (0) 20 7710 7600

 Camarco

 Andrew Turner, Violet Wilson, Sam Morris       Tel: +44 (0) 203 757 4980

 

Notes to Editors:

i3 Energy is an oil and gas Company with a low cost, diversified, growing
production base in Canada's most prolific hydrocarbon region, the Western
Canadian Sedimentary Basin and appraisal assets in the North Sea with
significant upside.

The Company is well positioned to deliver future growth through the
optimisation of its existing 100% owned asset base and the acquisition of long
life, low decline conventional production assets.

i3 is dedicated to responsible corporate practices and the environment, and
places high value on adhering to strong Environmental, Social and Governance
("ESG") practices.  i3 is proud of its performance to date as a responsible
steward of the environment, people, and capital management.  The Company is
committed to maintaining an ESG strategy, which has broader implications to
long-term value creation, as these benefits extend beyond regulatory
requirements.

i3 Energy is listed on the AIM market of the London Stock Exchange under the
symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further
information on i3 Energy please visit https://i3.energy

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSICIATED WITH THEM

 1     Details of the person discharging managerial responsibilities/person
     closely associated
 a)  Name                                                         Majid Shafiq
 2   Reason for the notification
 a)  Position/status                                              CEO
 b)  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         i3 Energy PLC
 b)  LEI                                                          213800949OZA9QA9FS17
 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

     Identification code
 b)  Nature of the transaction                                    Share Option Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  £0.1130   2,303,390
 d)  Aggregated information

     -     Aggregated volume                                      2,303,390

     -     Price                                                  £0.1130
 e)  Date of the transaction                                      10/11/2023
 f)  Place of the transaction                                     Off market

d)

Aggregated information

-     Aggregated volume

-     Price

 

2,303,390

£0.1130

e)

Date of the transaction

10/11/2023

f)

Place of the transaction

Off market

 

 1     Details of the person discharging managerial responsibilities/person
     closely associated
 a)  Name                                                         Ryan Heath
 2   Reason for the notification
 a)  Position/status                                              President, i3 Energy Canada Ltd
 b)  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         i3 Energy PLC
 b)  LEI                                                          213800949OZA9QA9FS17
 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

     Identification code
 b)  Nature of the transaction                                    Share Option Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  £0.1130   2,190,720
 d)  Aggregated information

     -     Aggregated volume                                      2,190,720

     -     Price                                                  £0.1130
 e)  Date of the transaction                                      10/11/2023
 f)  Place of the transaction                                     Off market

d)

Aggregated information

-     Aggregated volume

-     Price

 

2,190,720

£0.1130

e)

Date of the transaction

10/11/2023

f)

Place of the transaction

Off market

 

 1     Details of the person discharging managerial responsibilities/person
     closely associated
 a)  Name                                                         Jason Dranchuk
 2   Reason for the notification
 a)  Position/status                                              CFO
 b)  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         i3 Energy PLC
 b)  LEI                                                          213800949OZA9QA9FS17
 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

     Identification code
 b)  Nature of the transaction                                    Share Option Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  £0.1130   1,655,540
 d)  Aggregated information

     -     Aggregated volume                                      1,655,540

     -     Price                                                  £0.1130
 e)  Date of the transaction                                      10/11/2023
 f)  Place of the transaction                                     Off market

d)

Aggregated information

-     Aggregated volume

-     Price

 

1,655,540

£0.1130

e)

Date of the transaction

10/11/2023

f)

Place of the transaction

Off market

 

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