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Management Share Incentive Scheme

19 November 2018

Anglo African Oil & Gas plc, an independent oil and gas developer, announces that it has today awarded a total of 4,000,000 options ("Options") over ordinary shares of £0.05 each in the Company ("Ordinary Shares") to two senior managers of the Company.  Under the Management Share Incentive Scheme, the Options will generally not vest until daily total oil production at the Company's 56 per cent-owned Tilapia oilfield in the Republic of the Congo reaches certain production milestones measured over a consecutive 30-day period: one-third vests at 1,000 bopd; one-third at 2,500 bopd; one-third at 5,000 bopd.

All the Options have an exercise price of 20 pence per Ordinary Share, which represents a premium of 142 per cent to the closing price of AAOG's Ordinary Shares on 16 November 2018.

  Options awarded No. of Options held post-award Exercise price
David Livingston 2,000,000 2,000,000 20p
Jeremy Patullo 2,000,000 2,000,000 20p

Options will be granted as enterprise management incentive ("EMI") options within Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003.  EMI options have potential tax advantages for both employer and employee.

Prior to this award, the Company had 9,567,999 Options outstanding.  Following this award, there is a total of 13,567,999 Options outstanding, representing 7.72 per cent of the Company's fully diluted ordinary share capital.   

David Livingston, Operations Director, has twenty five years' experience leading operations and managing risk in the oil & gas and mining sectors across sub-Saharan and North Africa.  Prior to working in industry, he was an officer in the British Army who was awarded the Sword of Honour at Sandhurst and served in the special forces.

Jeremy Patullo, Director of Finance (Operations), has held financial positions within several companies and most recently worked with a Chevron joint venture. He brings a wealth of experience in project and company financial reporting, management and control.

David Sefton, Executive Chairman of AAOG, commented, "Tilapia represents a very special opportunity and the business case of the Company is as compelling as ever.  It is therefore critical for us as a company to ensure that, as we look at both the field development options for Tilapia flowing from the results of TLP-103C and at other licence and asset options within the Republic of the Congo and elsewhere in Africa, we have the management capacity and capabilities to execute on these.  The management team's belief in, and commitment to, the opportunities for the Company is underlined by the issuance of management incentive options to two key senior managers based upon the same ambitious production targets, and exercise price of 20p per share, as those that were granted at admission to trading of the Ordinary Shares. This grant fits with the Company's stated strategy of ensuring that the interests of management are aligned with the interests of our investors".

 

For further information please visit www.aaog.com or contact:

Anglo African Oil & Gas plc
David Sefton, Executive Chairman
James Berwick, Chief Executive Officer
Tel: c/o St Brides Partners
+44 20 7236 1177
   
finnCap Ltd (Nominated Adviser and Broker) Tel: +44 20 7220 0500
Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance)
Camille Gochez (Corporate Broking)
 
   
St Brides Partners (Financial PR) Tel: +44 20 7236 1177
Frank Buhagiar, Hugo de Salis, Juliet Earl  

 

Notes to Editors

Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company that owns a 56% stake in the producing Tilapia oil field in the Republic of the Congo.

 

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