Director/PDMR Shareholding
3 February 2021
Independent Oil and Gas plc
Director/PDMR Shareholding
Independent Oil and Gas plc ("IOG" or the "Company"), (AIM: IOG.L), the UK gas company targeting high returns via an infrastructure-led hub strategy, announces that, on 3 February 2021, Andrew Hockey, CEO of the Company, sold 120,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a price of 16.00 pence per Ordinary Share and then repurchased, into his ISA, the same number of Ordinary Shares in the Company at an average price of 16.35 pence per Ordinary Share to facilitate an ISA transfer (the "Transfer").
Following the Transfer, Andrew Hockey and persons closely associated interests remain unchanged in 790,729 Ordinary Shares, representing approximately 0.16% per cent. of the Company's voting rights.
Further information is set out in the PDMR disclosure table below.
Enquiries:
| Independent Oil and Gas plcAndrew Hockey (CEO)Rupert Newall (CFO)James Chance (Head of Corporate Finance & IR) | +44 (0) 20 7036 1400 |
| finnCap LtdChristopher RaggettSimon Hicks | +44 (0) 20 7220 0500 |
| Peel Hunt LLPRichard CrichtonDavid McKeown | +44 (0) 20 7418 8900 |
| Vigo CommunicationsPatrick d'AnconaChris McMahonSimon Woods | +44 (0) 20 7390 0230 |
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 21 Bcfe at Harvey. In December 2020 IOG also accepted a 50% operated stake in Licence P2589, containing the Panther and Grafton gas discoveries with management estimated 46 Bcfe and 35 Bcfe respectively. In addition IOG continues to pursue value accretive acquisitions to help 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
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 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 | Sale of Ordinary Shares | |
| c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| 16.00p | 120,000 | ||
| d) | Aggregated information | Sale of 120,000 Ordinary Shares at 16p per Ordinary Share | |
| e) | Date of the transactions | 3 February 2021 | |
| f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |
| 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) |
| 16.22p | 60,000 | ||
| 16.48p | 60,000 | ||
| d) | Aggregated information | Purchase of 120,000 Ordinary Shares at an average of 16.35p per Ordinary Share | |
| e) | Date of the transactions | 3 February 2021 | |
| f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |
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