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Baron Oil Plc granted 175,000,000 share options to Dr Andrew Butler, a Director of its SundaGas subsidiaries, on 14 July 2022. The options have an exercise price of 0.07p per ordinary share and a three-year life, vesting upon Baron announcing that the first appraisal well on the Chuditch PSC has spudded. This grant increased Baron's total Share Option pool to 9.01% of the Company's fully diluted ordinary share capital.
| Date | 14 Jul 2022 |
| Time | 07:00:08 |
| Category | Director/PDMR dealings |
| ID | 4128S |
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 upon 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:
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Baron Oil Plc |
+44 (0) 20 7117 2849 |
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Andy Yeo, Chief Executive |
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Allenby Capital Limited |
+44 (0) 20 3328 5656 |
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Nominated Adviser and Broker |
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Alex Brearley, Nick Harriss, Nick Athanas (Corporate Finance) Kelly Gardiner (Sales and Corporate Broking)
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IFC Advisory Limited |
+44 (0) 20 3934 6630 |
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Financial PR and IR |
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Tim Metcalfe, Florence Chandler
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
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1. |
Details of the person discharging managerial responsibilities/person closely associated |
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(a) |
Full name of person Dealing |
Andrew Butler |
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2. |
Reason for notification |
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(b) |
Position/status |
PDMR - director of group subsidiaries |
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(c) |
Initial notification/ Amendment |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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(d) |
Name of entity |
Baron Oil Plc |
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(e) |
LEI |
213800MBSOS9UZ5SW712 |
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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 |
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(a) |
Description of the financial instrument, type of instrument |
Ordinary Shares of 0.025 pence each in the Company |
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(b) |
Identification code |
GB00B01QGH57 |
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(c) |
Nature of the transaction |
Grant of share options |
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(d) |
Price(s) and volume(s) |
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(e) |
Aggregated information: - Aggregated volume - Price |
N/A - transactions are as in 4(d) above. |
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(f) |
Date of transaction |
14 July 2022 |
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(g) |
Place of transaction |
Outside a trading venue |
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