Baron Oil PLC Grant of Share Options (4128S)
14 July 2022 - 04:00PM
UK Regulatory (RNS & others)
TIDMBOIL
RNS Number : 4128S
Baron Oil PLC
14 July 2022
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 (which forms part of domestic UK law
pursuant to the European Union (withdrawal) act 2018) ("UK Market
Abuse Regulation") until the release of this announcement.
14 July 2022
Baron Oil Plc
("Baron" or "the Company")
Grant of Share Options
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
company with projects in SE Asia and the UK, announces a grant of
Share Options to Dr Andrew Butler, a Director of both SundaGas
(Timor-Leste Sahul) Pte. Ltd. ("TLS") and SundaGas Banda Unipessoal
Lda. ("Banda"), the latter being the Operator of the Timor-Leste
TL-SO-19-16 PSC ("Chuditch PSC" or "PSC"). TLS and Banda are fully
owned subsidiaries of Baron.
Baron has granted Dr Butler Share Options over 175,000,000
ordinary shares of 0.025 pence each in the Company ("Ordinary
Shares"), at an exercise price of 0.07p ( being the closing
mid-market price on 13 July 2022, the last practicable date prior
to the release of this announcement). The exercise of these
non-transferable Share Options is subject to Baron's Share Dealing
Code, have a three-year life from the date of grant and will only
vest up on Baron making an announcement that the first appraisal
well on the Chuditch PSC has spudded save for certain limited
circumstances such as a takeover event.
This long-term incentive is targeted at Baron's key objective of
the drilling of wells on the Chuditch PSC.
As a result of this award, Baron's total Share Option pool
(excluding Broker Warrants issued in 2019 and 2020) is now
equivalent to 9.01% of the Company's fully diluted ordinary share
capital*, of which Directors and Employees represent 6.16%; a
former Director 0.79%; and Consultants 2.06%.
The FCA notification, made in accordance with the requirements
of the UK Market Abuse Regulation is appended below.
* Current number of Ordinary Shares in issue is 14,333,612,461;
fully diluted ordinary share capital, which includes all warrants
outstanding as well as share options, represents 15,898,237,462
Ordinary Shares.
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR
Tim Metcalfe, Florence Chandler
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) Full name of person Dealing Andrew Butler
----------------------------------------- ------------------------------------------
2. Reason for notification
-------------------------------------------------------------------------------------
(b) Position/status PDMR - director of
group subsidiaries
----------------------------------------- ------------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
(d) Name of entity Baron Oil Plc
----------------------------------------- ------------------------------------------
(e) LEI 213800MBSOS9UZ5SW712
----------------------------------------- ------------------------------------------
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, Ordinary Shares of
type of instrument 0.025 pence each in
the Company
----------------------------------------- ------------------------------------------
(b) Identification code GB00B01QGH57
----------------------------------------- ------------------------------------------
(c) Nature of the transaction Grant of share options
----------------------------------------- ------------------------------------------
(d) Price(s) and volume(s) Exercise Volume
Price
Exercise 175,000,000 share
price options
of
pence
0.07p
share
-----------------------------
----------------------------------------- ------------------------------------------
(e) Aggregated information: N/A - transactions
- Aggregated volume are as in 4(d) above.
- Price
----------------------------------------- ------------------------------------------
(f) Date of transaction 14 July 2022
----------------------------------------- ------------------------------------------
(g) Place of transaction Outside a trading
venue
----------------------------------------- ------------------------------------------
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