Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas

13 November 2017

Prospex Oil and Gas Plc

("Prospex" or the "Company")

Award of Share Options 

 

Prospex Oil and Gas Plc, the AIM quoted investment company, announces that it has today awarded a total of 71,226,149 options to members of the Board and other staff over new Ordinary Shares in the Company (the 'Options').  This follows the recent investments in the Podere Gallina permit in the Po Valley, Italy and the Suceava Concession in Romania, as a result of which Prospex will be participating in the drilling of two wells in Q4 2017.

 

The Options have been awarded with a strike price of 0.52p per ordinary share, being a 21% premium to the price at which the Company completed its recent Placing as announced on 31 October 2017 and a 2% premium to the mid-market closing share price of the Company's Ordinary Shares on 10 November 2017.  The Options will vest immediately and are exercisable for a period of 3 years.

 

The options issued to the Directors of the Company are set out below:

 

	Options Awarded With exercise price of 0.52p per share	Total options now held
Edward Dawson	16,940,273	24,322,148
Richard Mays	10,395,168*	14,720,508
James Smith	10,395,168	11,831,168
William Smith	10,395,168	14,720,508
Other staff/personnel (non-PDMR)	23,100,372	29,989,88
Total	71,226,149	95,584,220

 

*The options awarded to Richard Mays will be held in the name of Sallork Limited, a company he owns and controls.

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

* * ENDS * *

 

For further information visit www.prospexoilandgas.com or contact the following:

 

Edward Dawson	Prospex Oil and Gas Plc	Tel: +44 (0) 20 3766 0325
Rory Murphy Ritchie Balmer Jack Botros	Strand Hanson Limited	Tel: +44 (0) 20 7409 3494
Jon Belliss	Beaufort Securities Limited	Tel: +44 (0) 20 7382 8300
Duncan Vasey	Peterhouse Corporate Finance	Tel: +44 (0) 20 7469 0932
Frank Buhagiar Charlotte Page	St Brides Partners Ltd	Tel: +44 (0) 20 7236 1177

 

Notes

Prospex Oil and Gas Plc is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's management is looking to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low cost re-evaluation techniques to identify and de-risk prospects.

 

PDMR Notifications

 

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Edward Dawson
2.	Reason for the Notification
a)	Position/status	Director of the Company
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Prospex Oil and Gas Plc
b)	LEI	213800NY9RH8O1B72D27
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	Ordinary shares of 0.1p each in the share capital of the Prospex Oil & Gas plc
	Identification code	GB00BW4NPC58
b)	Nature of the Transaction	Issue of options to acquire Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.52p pence 16,940,273
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	13 November 2017
f)	Place of the transaction	Outside a trading venue
1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Richard Mays
2.	Reason for the Notification
a)	Position/status	Director of the Company
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Prospex Oil and Gas Plc
b)	LEI	213800NY9RH8O1B72D27
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	Ordinary shares of 0.1p each in the share capital of the Prospex Oil & Gas plc
	Identification code	GB00BW4NPC58
b)	Nature of the Transaction	Issue of options to acquire Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.52p pence 10,395,168
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	13 November 2017
f)	Place of the transaction	Outside a trading venue

 

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James Smith
2.	Reason for the Notification
a)	Position/status	Director of the Company
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Prospex Oil and Gas Plc
b)	LEI	213800NY9RH8O1B72D27
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	Ordinary shares of 0.1p each in the share capital of the Prospex Oil & Gas plc
	Identification code	GB00BW4NPC58
b)	Nature of the Transaction	Issue of options to acquire Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.52p pence 10,395,168
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	13 November 2017
f)	Place of the transaction	Outside a trading venue

 

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	William Smith
2.	Reason for the Notification
a)	Position/status	Director of the Company
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Prospex Oil and Gas Plc
b)	LEI	213800NY9RH8O1B72D27
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	Ordinary shares of 0.1p each in the share capital of the Prospex Oil & Gas plc
	Identification code	GB00BW4NPC58
b)	Nature of the Transaction	Issue of options to acquire Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.52p pence 10,395,168
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	13 November 2017
f)	Place of the transaction	Outside a trading venue