REG - UK Oil & Gas Inv PLC - Exercise, Grant & Amendment of Options or Warrants

UK Oil & GasAnnouncement

16/04/2018 11:30

RNS Number : 0331L
UK Oil & Gas Investments PLC
16 April 2018
 

UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Exercise, Grant and Amendment of Options or Warrants
UK Oil & Gas Investments PLC (London AIM: UKOG), announces the exercise of 1 million options, the grant of 17.5 million options and the amendment to the expiry date for certain options over ordinary shares granted in the 2015 option scheme.
Exercise of Warrants
UKOG announces that it has received notice of the exercise of warrants to subscribe for a total of 1,000,000 new ordinary shares in the Company (the "New Ordinary Shares"). The exercise price of the warrants was 0.4 pence. The Company has received £4,000 in respect of this exercise.
Application has been made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 20 April 2017.
 
Following Admission, the Company's enlarged issued share capital will comprise 3,835,466,771 ordinary shares. The Company does not hold any shares in treasury. This figure of 3,835,466,771 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Grant and Amendment of Options
The Company also announces that it has granted options over 17.5 million shares in the capital of the Company. These options were granted to employees and consultants who are not Persons Discharging Managerial Responsibility ("PDMR") on behalf of the Company.
During its review of option awards the Independent Directors of the Company approved an extension of the exercise period of 25 million options previously granted to Stephen Sanderson (Chairman and Chief Executive Officer ("CEO")) and 10 million options granted to Matt Cartwright (Chief Operating Officer ("COO")). 
The independent directors determined that to ensure the continued alignment of the interests of shareholders and the option holders and considering the liquidity of the Company's shares it would be beneficial to extend these options rather than allow their exercise in the current open period and consider the grant of further options to both the CEO and COO.
As such the Independent Directors on 13/04/2018 have approved the extension of the term these options may be exercised from 31/12/2017 to 31/12/2019. All other terms and conditions relating to these options, including the exercise price, remain unchanged.
Due to publication of the Company's Annual Accounts on 29/03/2018, the Directors were deemed to be insiders (as defined in the Criminal Justice Act 1993 and the Financial Services and Markets Act 2000) and were prevented from exercising these options under the provisions of UKOG's Share Dealing Code. In such an event and as noted in the Company's RNS on 09/01/2018, the exercise period is deemed to be extended for 10 business days following the date on which the option holder ceases to be an insider. This period was therefore extended to 13/04/2018.




Director


Position


Options extended


Total Options Held


Current holding in UKOG


Current Shareholding as a % of Current Issued Share Capital (excluding options)




Stephen Sanderson


CEO & Director


25,000,000


85,000,000


-


-




Matt Cartwright


COO


10,000,000


40,000,000


517,598


0.01 %




The exercise, grant and change to the expiry date of options is notifiable pursuant to the EU Market Abuse Regulation. Notification and public disclosure of transactions by PDMR and persons closely associated with them in accordance with the requirements of the EU Market Abuse Regulation can be found below:




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Stephen Sanderson




2


Reason for the notification




a)


Position/status


Executive Chairman & 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


UK Oil & Gas Investments PLC




b)


LEI


213800IZP9HKGVLHQ907




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
 
Identification code


Ordinary Share
 
 








GB00B9MRZS43









b)


Nature of the transaction


Extension of expiry date of grant of options over ordinary shares to 31 December 2019




c)


Price(s) and volume(s)






Price(s)


Volume(s)




0.4 pence


25,000,000









d)


Aggregated information
-      Aggregated volume
-      Price


 
25,000,000
0.4 pence




e)


Date of the transaction


13/04/2018




f)


Place of the transaction


Outside Trading Venue




 




1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Matt Cartwright




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


UK Oil & Gas Investments PLC




b)


LEI


213800IZP9HKGVLHQ907




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
 
Identification code


Ordinary Share
 
 








GB00B9MRZS43









b)


Nature of the transaction


Extension of expiry date of grant of options over ordinary shares to 31 December 2019




c)


Price(s) and volume(s)






Price(s)


Volume(s)




0.4 pence


10,000,000









d)


Aggregated information
-      Aggregated volume
-      Price


 
10,000,000
0.4 pence




e)


Date of the transaction


13/04/2018




f)


Place of the transaction


Outside Trading Venue




 
For further information, please contact:
 
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria                                            Tel: 01483 243450 
 
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford                                                 Tel: 020 7220 1666
 
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald                                                               Tel: 0207 397 8919
 
Public Relations
Brian Alexander / David Bick                                                          Tel: 01483 243450
 
UKOG Licence Interests
The Company has interests in the following UK licences:




Asset


Licence


UKOG's Interest


Licence Holder


Operator


Area (km2)


Status




Avington 1


PEDL070


5%


UKOG (GB) Limited


IGas Energy Plc


18.3


Field in stable production




Baxters Copse 2


PEDL233


50%


UKOG Weald Limited


IGas Energy Plc


89.6


Appraisal/development well planned; licence extended to 2018




Broadford Bridge 3


PEDL234


100%


Kimmeridge Oil & Gas Limited 4


Kimmeridge Oil & Gas Limited 4


300.0


BB-1 & 1z drilling and testing of multiple zones completed




Holmwood 3


PEDL143


40%


UKOG


Europa Oil & Gas (Holdings) plc


91.8


Holmwood-1 exploration well planned in 2018




Horndean 1


PL211


10%


UKOG (GB) Limited


IGas Energy Plc


27.3


Field in stable production




Horse Hill 5


PEDL137


32.435%


Horse Hill Developments Ltd ⁶


Horse Hill Developments Ltd ⁶


99.3


Production tests and further appraisal well(s) scheduled for 2018




Horse Hill 5


PEDL246


32.435%


Horse Hill Developments Ltd⁶


Horse Hill Developments Ltd ⁶


43.6


As above




Isle of Wight (Onshore) 2, 3


PEDL331


65%


UKOG


UKOG


200.0


Preparing Arreton-3 oil discovery appraisal well planning submission




Markwells Wood 2


PEDL126


100%


UKOG (GB) Limited


UKOG (GB) Limited


11.2


Revised drilling and testing planning application underway




Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal drilling.
3. Exploration asset with drillable prospects and leads. Contains the Broadford Bridge-1&1z discovery well, the extension of the Godley Bridge Portland gas discovery plus further exploration prospects.
4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited
5. Oil discovery with successful flow test in 3 zones, further long-term testing scheduled in 2018
6. UKOG has a direct 49.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246
 
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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