Director & PDMR Dealing
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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