REG - Jersey Oil & Gas PLC - Grant of Share Options

Jersey Oil and GasAnnouncement

24/11/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211124:nRSX3441Ta&default-theme=true

RNS Number : 3441T  Jersey Oil and Gas PLC  24 November 2021

24 November 2021

 

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" 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  region of the North Sea, announces that
it has, on 23 November 2021, granted options over, in aggregate, 700,000
ordinary shares of 1p each in the capital of the Company ("Ordinary Shares")
to its recently appointed Chief Financial Officer and Chief Commercial Officer
(the "Options").  The Options have been granted at an exercise price of 147p,
representing the middle market closing price of an Ordinary Share on 19
November 2021 being the last business day immediately prior to the
announcement of their respective appointments.

 

Accordingly, a total of 2,786,689 option awards are outstanding following
these latest grants, which represents approximately 8.6 per cent. of the
Company's existing issued share capital of 32,554,293 Ordinary Shares.

 

The Options have been issued under the Jersey Oil and Gas plc 2021 Employee
Share Option Plan. Further details of the Option awards are set out below.

 

Executive Director and Senior Manager

The following new Options have been granted to an Executive Director and
Senior Manager of the Company:

 Name           Position                  Number of New Options Granted  Exercise Price Per Ordinary Share (pence)  Exercise Period  Total Options Held Following This Grant
 Graham Forbes  Chief Financial Officer   350,000                        147                                        7 years          350,000
 Richard Smith  Chief Commercial Officer  350,000                        147                                        7 years          350,000

 

The new Options set out in the table above all vest in three equal tranches
(one, two and three years from their date of grant) and are subject to the
satisfaction of certain performance conditions to be determined and
interpreted at the discretion of the Company's Remuneration Committee. On
announcement of a farm out in respect of the Company's Greater Buchan Area
("GBA") development project, the Options will vest in full and become
exercisable from such date. Subject to the vesting and 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.

 

Enquiries:

 

 Jersey Oil and Gas plc  Andrew Benitz, CEO   C/o Camarco:

                                              Tel: 020 3757 4983
 Strand Hanson Limited   James Harris         Tel: 020 7409 3494

                         Matthew Chandler

                         James Bellman

 Arden Partners plc      Paul Shackleton      Tel: 020 7614 5900

 finnCap Ltd             Christopher Raggett  Tel: 020 7220 0500

                         Tim Redfern

 Camarco                 Billy Clegg          Tel: 020 3757 4983

                         James Crothers

                         Rebecca Waterworth

 

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 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 GBA 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 ("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                                                         Graham Forbes
 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 penny each in the Company
     Identification code                                          GB00BYN5YK77
 b)  Nature of the Transaction                                    Grant of Options over ordinary shares of 1 penny each in the Company
 c)  Price(s) and volume(s)                                       Price(s) Volume(s)

                                                                  147p     350,000
 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      23 November 2021
 f)  Place of the transaction                                      Outside of a trading venue

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Richard Smith
 2.  Reason for the Notification
 a)  Position/status                                              Chief Commercial Officer
 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 penny each in the Company
     Identification code                                          GB00BYN5YK77
 b)  Nature of the Transaction                                    Grant of Options over ordinary shares of 1 penny each in the Company
 c)  Price(s) and volume(s)                                       Price(s) Volume(s)

                                                                  147p     350,000
 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      23 November 2021
 f)  Place of the transaction                                     Outside of a trading venue

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHDKNBPBBDBPDB