REG - Independent Oil &Gas - Director & PDMR Dealing

IogAnnouncement

27/03/2020 07:00

RNS Number : 7948H
  
Independent Oil & Gas PLC
  
27 March 2020
  
 

27 March 2020
 
Independent Oil and Gas plc
 
Director & PDMR Dealing
 
Independent Oil and Gas plc ("IOG" or the "Company"), the development and production company focused on becoming a substantial UK gas producer, is pleased to announce that certain Directors and persons discharging managerial responsibilities ("PDMRs") of the Company have purchased in the market 320,000 ordinary shares of 1p each at an average price of 11.87p per share in the Company, equating to an aggregate value of £37,973.87. Share purchases and revised shareholdings are shown below: 



Director/Senior manager


Role


Number of Ordinary Shares Purchased


Resultant number of Ordinary Shares held


Percentage of Enlarged Share Capital held directly and by PCA




Andrew Hockey


CEO


80,000


790,729


0.16%




Rupert Newall


CFO 


100,000


3,767,050


0.78%




Mark Hughes 


COO


100,000


693,770


0.14%




James Chance


Head of Corporate Finance & IR


40,000


165,000


0.03%



 
Following this purchase, Directors and PDMRs of the Company, including Persons Closely Associated ("PCA") holds a total of 6,216,549 ordinary shares, representing 1.3% of the outstanding share capital of the Company. 



1 
 


Details of the person discharging managerial responsibilities / person closely associated




a)


Name 


Andrew Hockey 




2


Reason for the notification




a)


Position/status 


Chief Executive Officer




b) 
 


Initial notification /Amendment 


Initial Notification




3 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 




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, type of instrument 


Independent Oil & Gas plc Ordinary Shares of 1p each  














Identification code 


ISIN: GB00BF49WF64














b)


Nature of the transaction


Purchase of Ordinary Shares




c)


Price(s) and volume(s) 


Price(s)


Volume(s)




11.8799p


80,000




d)


Aggregated information
 


Aggregated price


Aggregated volume




11.8799p


80,000




e)


Date of the transactions


26 March 2020




f) 


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 


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 


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, type of instrument 


Independent Oil & Gas plc Ordinary Shares of 1p each  














Identification code 


ISIN: GB00BF49WF64














b)


Nature of the transaction


Purchase of Ordinary Shares




c)


Price(s) and volume(s) 


Price(s)


Volume(s)




11.90p


50,000




11.8799p


50,000




d)


Aggregated information
 


Aggregated price


Aggregated volume




11.89p


100,000




e)


Date of the transactions


26 March 2020




f) 


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 


Chief Operating Officer




b) 
 


Initial notification /Amendment 


Initial Notification




3 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 




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, type of instrument 


Independent Oil & Gas plc Ordinary Shares of 1p each  














Identification code 


ISIN: GB00BF49WF64














b)


Nature of the transaction


Purchase of Ordinary Shares




c)


Price(s) and volume(s) 


Price(s)


Volume(s)




11.8p


100,000




d)


Aggregated information
 


Aggregated price


Aggregated volume




11.8p


100,000




e)


Date of the transactions


26 March 2020




f) 


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 


Head of Corporate Finance & IR (PDMR)




b) 
 


Initial notification /Amendment 


Initial Notification




3 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 




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, type of instrument 


Independent Oil & Gas plc Ordinary Shares of 1p each  














Identification code 


ISIN: GB00BF49WF64














b)


Nature of the transaction


Purchase of Ordinary Shares




c)


Price(s) and volume(s) 


Price(s)


Volume(s)




11.95p


40,000




d)


Aggregated information
 


Aggregated price


Aggregated volume




11.95p


40,000




e)


Date of the transactions


26 March 2020




f) 


Place of the transaction 


London Stock Exchange, AIM Market (XLON)



 
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas plc                                                   +44 (0) 20 7036 1400
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR)
 
finnCap Ltd                                                                              +44 (0) 20 7220 0500
Christopher Raggett, Simon Hicks (Corporate Finance)
Camille Gochez (Corporate Broking)
 
Peel Hunt LLP                                                                         +44 (0) 20 7418 8900
Richard Crichton
David McKeown
 
Vigo Communications                                                             +44 (0) 20 7390 0230
Patrick d'Ancona
Chris McMahon
Simon Woods
 
About IOG:
 
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe² at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and continues to pursue value accretive acquisitions to generate significant shareholder returns. 
 
1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression
2ERC Equipoise Competent Persons Report: October 2018 
 


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