EASTLEIGH, UK – i3 Energy plc (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces that it has issued options over 3,000,000 ordinary shares in the Company to Jason Dranchuk, the Chief Financial Officer and a Person Discharging Managerial Responsibilities (a “PDMR”) of the Company, as detailed below. The options are part of i3’s management incentive and are in accordance with existing share schemes.
PDMR |
Number of options granted |
Exercise Price |
Jason Dranchuk |
3,000,000 |
20.00p |
Vesting is subject to the achievement of performance-related milestones as follows:
– One-third upon achieving production of 26,000 boepd;
– One-third upon the addition of 5,000 boepd via acquisitions; and
– One-third upon the addition of 25 MMbbl of 2P reserves.
The award shall vest as to one-third upon the first, second and third anniversary of the grant date, to the extent the award has not otherwise vested in accordance with the above provisions.
Regardless of the above, 100% of the options will vest if there is a change of control of the Company. The options were granted under the Company’s Employee Share Option Plan.
Further disclosures are contained in the table below.
1 |
Details of the person discharging managerial responsibilities/person closely associated |
|
a) |
Name |
Jason Dranchuk |
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 |
i3 Energy plc |
b) |
LEI |
213800949OZA9QA9FS17 |
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 |
Options over Ordinary Shares of 0.0001 pence each. GB00BDHXPJ60 |
b) |
Nature of the transaction |
Grant of options over Ordinary Shares |
c) |
Price(s) and volume(s) |
Price – 20.00p and Volume – 3,000,000 |
d) |
Aggregate information – Aggregated volume – Price |
N/A single transaction |
e) |
Date of the transaction |
18 April 2023 |
f) |
Place of the transaction |
Outside a trading venue |