Independent Oil & Gas : 03 Dec 2018 Conversion of Salaries/Fees into Share Options

Conversion of Salaries/Fees into Share Options

Independent Oil and Gas plc ('IOG' or 'the Company'), (AIM: IOG.L), the development and production focused oil and gas company, announces that certain Directors and other members of the IOG management and technical teams have accepted all, or part of their salaries and fees, in exchange for options over Ordinary Shares in the Company ('Options').
Salary/Fee Sacrifice Options

As further detailed in the table below, such personnel have accepted 1p Options in lieu of salaries or fees due between 1 March 2018 and 31 August 2018.

All these Options have a five-year term from 1 September 2018 and are issued by reference to the volume weighted average price per Ordinary Share ('VWAP') over the period to which they relate. The VWAP over the period from 1 March 2018 to 31 August 2018 was calculated to be 24.28p. Where services have been provided for only part of that 6-month period the VWAP has been adjusted accordingly.

The conversion of salaries and fees into Options is consistent with previous salary and fee sacrifice transactions. A total of 534,420 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.42% per cent of the Company's current issued share capital.
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 Andrew Hockey (CEO) James Chance (CFO)	[phone]
finnCap Ltd Christopher Raggett Anthony Adams	[phone]
Peel Hunt LLP Richard Crichton David McKeown	[phone]
Camarco Georgia Edmonds/ Tom Huddart/ Monique Perks	[phone]

Notes:
Salaries and Fees Converted into 1p Options
For the period 1 March 2018 to 31 August 2018 the Salaries/Fees sacrificed by the Company directors named below and other members of the IOG management and technical teams were converted into 1p options, effective date of grant 3 September 2018, final exercise date of 31 August 2023 at the following VWAP reference prices: -

Name	Number of Ordinary Shares under option	VWAP Reference price (pence)	Exercise price (pence)	Salary/Fee Sacrifice Period
Andrew Hockey*	128,700	24.28p	1p	01-Mar-18 - 31-Aug-18
Mark Routh*	110,553	24.28p	1p	01-Mar-18 - 31-Aug-18
James Chance	80,652	24.28p	1p	01-Mar-18 - 31-Aug-18
Mark Hughes*	62,417	25.18p	1p	18-Apr-18 - 31-Aug-18
Charles Hendry*	30,888	24.28p	1p	01-Mar-18 - 31-Aug-18
Martin Ruscoe*	30,888	24.28p	1p	01-Mar-18 - 31-Aug-18
Others	90,322	24.28p	1p	01-Mar-18 - 31-Aug-18
Total	534,420

* Directors Note: Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.
Option Details for any Person Discharging Managerial Responsibilities ('PDMR') / persons closely associated.

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Routh
2.	Reason for the Notification
a)	Position/status	Chairman
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	Share Options over Ordinary Shares
	Identification code	GB00BF49WF64
b)	Nature of the transaction	Grant of Share Options over Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 110,553
d)	Aggregated information:	n/a
e)	Date of the transaction	3 December 2018
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	Share Options over Ordinary Shares
	Identification code	GB00BF49WF64
b)	Nature of the transaction	Grant of Share Options over Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 128,700
d)	Aggregated information:	n/a
e)	Date of the transaction	3 December 2018
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	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	Share Options over Ordinary Shares
	Identification code	GB00BF49WF64
b)	Nature of the transaction	Grant of Share Options over Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 80,652
d)	Aggregated information:	n/a
e)	Date of the transaction	3 December 2018
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	Share Options over Ordinary Shares
	Identification code	GB00BF49WF64
b)	Nature of the transaction	Grant of Share Options over Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 62,417
d)	Aggregated information:	n/a
e)	Date of the transaction	3 December 2018
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Charles Hendry
2.	Reason for the Notification
a)	Position/status	Non-Executive Director
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	Share Options over Ordinary Shares
	Identification code	GB00BF49WF64
b)	Nature of the transaction	Grant of Share Options over Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 30,888
d)	Aggregated information:	n/a
e)	Date of the transaction	3 December 2018
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Martin Ruscoe
2.	Reason for the Notification
a)	Position/status	Non-Executive Director
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	Share Options over Ordinary Shares
	Identification code	GB00BF49WF64
b)	Nature of the transaction	Grant of Share Options over Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 30,888
d)	Aggregated information:	n/a
e)	Date of the transaction	3 December 2018
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)