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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