Long Term Incentive Plan ("LTIP") Awards
Updated : 15:28
2 August 2019
Eland Oil & Gas PLC
("Eland" or the "Company")
Long Term Incentive Plan ("LTIP") Awards
Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria announces that on 29th July 2019 it awarded the following nominal-cost options under the Long Term Incentive Plan adopted in November 2017 to two executive Directors. The awards have been made following release of the results for the year ended 31st December 2018.
Name | Awards | Vesting date | Total options following this grant |
George Maxwell | 380,000 | 31 July 2022 | 4,830,815 |
Ron Bain | 180,000 | 31 July 2022 | 1,630,000 |
Background and Performance Conditions:
It is the aim of the Remuneration Committee to reward key employees on a basis which is aligned to the performance of the Company and as such a significant portion of remuneration is based on performance. The vesting period for all criteria is 3 years commencing 1st August 2019 and shall have the following vesting terms:
· Share Price: 70% based on share price performance with an award price of 125p and vesting in a straight line to 100% vesting at £2.00.
· Production: 15% via achievement of production target, commencing at 35 thousand barrels of oil per day ("mbopd") sales barrels averaged over a continuous three-month period with straight line vesting to 100% at 55mbopd calculated as per last year's award.
· Reserves: 15% via achievement of reserves target. A minimum threshold ratio of 1.0x reserve replacement in certified 2P reserves, the base calculated adding back annual production over the three years with straight line vesting to 100% at 1.2x.
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
Notification of public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated by them.
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name: | George Maxwell
| |
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
| Eland Oil & Gas Plc | |
b)
| LEI | 213800QDGQKG3JKKRR86 | |
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 Shares £0.10 each GB00B8HHWX64 | |
b)
| Nature of the transaction
| Shares Options through Company's Long Term Incentive Plan | |
c)
| Price(s) and volume(s)
| Call Price(s) | Volume(s) |
10p | 380,000 | ||
d)
| Aggregated information - Aggregated volume - Price | Date 01/08/2019 380,000 @ 10pence
| |
e)
| Date of the transaction | 1st August 2019
| |
f)
| Place of the transaction | Outside a trading venue | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name: | Ronald Bain
| |
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 | Eland Oil & Gas Plc | |
b)
| LEI
| 213800QDGQKG3JKKRR86 | |
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 Shares £0.10 each GB00B8HHWX64 | |
b)
| Nature of the transaction
| Shares Options through Company's Long Term Share Incentive Plan | |
c)
| Price(s) and volume(s) | Call Price(s) | Volume(s) |
10p | 180,000 | ||
d)
| Aggregated information - Aggregated volume - Price | Date 01/8/19 180,000 @ 10pence
| |
e)
| Date of the transaction | 1st August 2019
| |
f)
| Place of the transaction | Outside a trading venue | |
ENDS
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
George Maxwell, CEO
Ronald Bain, CFO
Finlay Thomson, IR
Peel Hunt LLP, Nominated Adviser & Joint Broker (+44 (0)20 7418 8900)
Richard Crichton
David McKeown
Stifel Nicolaus Europe Limited, Joint Broker (+44 (0)20 7710 7600)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
Camarco (+44 (0) 203 757 4980)
Billy Clegg
Tom Huddart
Monique Perks
Notes to editors:
Eland Oil & Gas is an AIM-listed independent oil and gas company focused on production and development in West Africa, particularly the highly prolific Niger Delta region of Nigeria. Through its joint venture company Elcrest, Eland's core asset is a 45% interest in OML 40 which is in the Northwest Niger Delta approximately 75 km northwest of Warri and has an area of 498 km². In addition, the Company has a 40% interest in the Ubima Field, onshore Niger Delta, in the northern part of Rivers State.
The OML 40 licence holds gross 2P reserves of 82.2 million barrels, gross 2C contingent resources of 50.7 million barrels and a best estimate of 252.1 million barrels of gross un-risked prospective resources*. The Ubima field holds gross 2P reserves of 9.3 million barrels of oil and gross 2C resource estimates of 4.2 million barrels*.
Net production figures relate to Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), Eland's joint venture company. Production rates, when oil is exported via Forcados, are as measured at the Opuama PD meter, are subject to reconciliation and will differ from sales volumes.
*Netherland, Sewell & Associates Inc CPR report 31 December 2018
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