REG - Jersey Oil & Gas PLC - Exercise of Options and Director/PDMR Dealings

Jersey Oil and GasAnnouncement

25/10/2021 07:05

RNS Number : 0280Q
  
Jersey Oil and Gas PLC
  
25 October 2021
  
 

25 October 2021
 
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
 
Exercise of Options and Director/PDMR Dealings
 
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 received notice of the exercise of, in aggregate, 660,000 options over ordinary shares of 1p each in the Company ("Ordinary Shares") by certain directors and PDMRs and a number of current and former employees at an exercise price of £1.10 per Ordinary Share ("Options") (the "Option Exercises"). 
 
All of the Options exercised, which were granted in 2016 and are due to expire shortly, have been exercised on a cashless basis as permitted by the terms of the Company's share option plan, such that, in aggregate, 558,764 of the new Ordinary Shares being issued pursuant to the Option Exercises have been sold via the Company's broker at a price of £1.40 to fund the exercise of the Options, the tax and the transaction costs (the "Cashless Exercises"). The Directors sold only such number of Ordinary Shares pursuant to the Cashless Exercises as was necessary to fund such costs. 
 
In addition, certain of the non-Board and former employee Option holders have elected, pursuant to the terms of the Company's share option plan, for the Company to sell on their behalf the balance of the new Ordinary Shares due to be issued to them pursuant to the Cashless Exercises, such that the relevant Option holders will receive, in cash, the net proceeds of such sales (after taking into account costs and tax due by the Option holders concerned) (the "All-cash Exercises"). 
 
Rather than exercise the Options through multiple trades, all of the Option holders agreed to effect the sale of shares associated with the Cashless and All-cash Exercises at a single price of £1.40, which was executed by the Company's Brokers through a single block trade.
 
Accordingly, the Company will issue, in aggregate, 660,000 new Ordinary Shares to satisfy the Option Exercises (the "New Ordinary Shares") and the Company expects to receive net proceeds of £720,497.90 pursuant to the Option Exercises.
 
Details of the exercises by the relevant director/PDMR Option holders are set out below:
 



Option Holder


Number of Options exercised


Type of Exercise


New Ordinary Shares received


Resultant holding of Ordinary Shares




Marcus Stanton (Non-Executive Chairman)


 40,000 


Cashless Exercise


4,351 


110,411




Andrew Benitz (Chief Executive Officer)


 180,000 


Cashless Exercise


 37,860 


688,892




Ronald Lansdell (Chief Operating Officer)


 180,000 


Cashless Exercise


 37,860 


1,066,601




Frank Moxon (Non-Executive Director)


 20,000 


Cashless Exercise


 2,091 


87,026




Current and former employees


240,000


Cashless Exercise / All-cash Exercise


19,074








Total


660,000






101,236







 
Admission to trading on AIM
Application will be made to the London Stock Exchange for admission of the New Ordinary Shares to trading on AIM ("Admission").  It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 28 October 2021. 
 
Total voting rights
Following Admission, the Company's enlarged share capital will comprise 32,554,293 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 32,554,293 Ordinary Shares and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
 
 
 
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
 


Tel: 020 7614 5900




finnCap Ltd


Christopher Raggett
Tim Redfern


Tel: 020 7220 0500


















Camarco


Billy Clegg
James Crothers
Rebecca Waterworth


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 holds a significant acreage position within the Central North Sea referred to as the Greater Buchan Area ("GBA"), which includes operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 oil discovery and an 100% working interest in the P2170 Licence Blocks 20/5b & 21/1d, that contain the Verbier oil discovery and other exploration prospects.
JOG's total GBA acreage, post 29 August 2021, is estimated by management to contain 172 million barrels of oil equivalent ("MMboe") of discovered P50 recoverable resources net to JOG, in addition to significant exploration upside potential of approximately 168MMboe of prospective resources in close proximity to the Company's planned Buchan platform.  JOG has recently concluded the Concept Select phase of an FDP for the Greater Buchan Area and plans to progress into Front-End Engineering and Design (FEED) following greater clarity being obtained on regional electrification options and funding.
JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.
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 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.
 
PDMR Notification Forms
 



1.


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Marcus Stanton




2.


Reason for the Notification




a)


Position/status


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


Ordinary shares of 1 penny each




Identification code


GB00BYN5YK77




b)


Nature of the Transaction


Cashless exercise of options over ordinary shares 




c)


Price(s) and volume(s)





Price(s)


Volume(s)




1.10


40,000 Exercise of options 




1.393


35,649 Sale of shares (effected by Jersey Oil and Gas plc)








d)


Aggregated information
Aggregated volume Price


4,351 ordinary shares received 




e)


Date of the transaction 


22 October2021




f)


Place of the transaction


Outside of a trading venue



 



1.


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Andrew Benitz




2.


Reason for the Notification




a)


Position/status


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


Ordinary shares of 1 penny each




Identification code


GB00BYN5YK77




b)


Nature of the Transaction


Cashless exercise of options over ordinary shares




c)


Price(s) and volume(s)





Price(s)


Volume(s)




1.10


180,000 Exercise of options 




1.393


142,140 Sale of shares (effected by Jersey Oil and Gas plc)








d)


Aggregated information
Aggregated volume Price


37,860 ordinary shares received 




e)


Date of the transaction 


22 October 2021




f)


Place of the transaction


Outside of a trading venue



 



1.


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Ronald Lansdell




2.


Reason for the Notification




a)


Position/status


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


Ordinary shares of 1 penny each




Identification code


GB00BYN5YK77




b)


Nature of the Transaction


Cashless exercise of options over ordinary shares 




c)


Price(s) and volume(s)





Price(s)


Volume(s)




1.10


180,000 Exercise of options 




1.393


142,140 Sale of shares (effected by Jersey Oil and Gas plc)








d)


Aggregated information
Aggregated volume Price


37,860 ordinary shares received 




e)


Date of the transaction 


22 October 2021




f)


Place of the transaction


Outside of a trading venue



 



1.


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Frank Moxon




2.


Reason for the Notification




a)


Position/status


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


Ordinary shares of 1 penny each




Identification code


GB00BYN5YK77




b)


Nature of the Transaction


Cashless exercise of options over ordinary shares 




c)


Price(s) and volume(s)





Price(s)


Volume(s)




1.10


20,000 Exercise of options 




1.393


17,909 Sale of shares (effected by Jersey Oil and Gas plc)








d)


Aggregated information
Aggregated volume Price


2,091 ordinary shares received 




e)


Date of the transaction 


22 October 2021




f)


Place of the transaction


Outside of a trading venue



 

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