REG - i3 Energy PLC - PDMR Issue of Share Options

I3 EnergyAnnouncement

19/04/2023 07:00

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RNS Number : 7229W  i3 Energy PLC  19 April 2023

19 April 2023

i3 Energy plc

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

PDMR Issue of Share Options

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
options over 3,000,000 ordinary shares in the Company to Jason Dranchuk, the
Chief Financial Officer and a Person Discharging Managerial Responsibilities
(a "PDMR") of the Company, as detailed below. The options are part of i3's
management incentive and are in accordance with existing share schemes.

 PDMR            Number of options granted  Exercise Price
 Jason Dranchuk  3,000,000                  20.00p

 

Vesting is subject to the achievement of performance-related milestones as
follows:

-  One-third upon achieving production of 26,000 boepd;

-  One-third upon the addition of 5,000 boepd via acquisitions; and

-  One-third upon the addition of 25 MMbbl of 2P reserves.

The award shall vest as to one-third upon the first, second and third
anniversary of the grant date, to the extent the award has not otherwise
vested in accordance with the above provisions.

Regardless of the above, 100% of the options will vest if there is a change of
control of the Company.  The options were granted under the Company's
Employee Share Option Plan.

Further disclosures are contained in the table below.

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                                         Jason Dranchuk
 2   Reason for the notification
 a)  Position/status                                                              Chief Financial Officer
 b)  Initial notification/Amendment                                               Initial notification
 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 of 0.0001 pence each

                                                                            .
     Identification code

                                                                                  GB00BDHXPJ60

 b)  Nature of the transaction                                                    Grant of options over Ordinary Shares
 c)  Price(s) and volume(s)                                                       Price - 20.00p and Volume - 3,000,000
 d)  Aggregate information                                                        N/A single transaction

     -     Aggregated volume

     -     Price
 e)  Date of the transaction                                                      18 April 2023
 f)  Place of the transaction                                                     Outside a trading venue

 

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

 Georgia Edmonds, Violet Wilson, Sam Morris      Tel: +44 (0) 203 781 8331

 

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 for
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/
(https://i3.energy/) .

This announcement does not contain inside information.

 

 

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