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Conversion of Salaries and 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 past and present members of the IOG management and technical teams have accepted all or part of their salaries and fees in options over Ordinary Shares in the Company (“Options”).
 
Salary Sacrifice Options
 
As further detailed in the table at the end of this announcement, such personnel have accepted Options in lieu of salaries and fees due between 1 March 2016 and 31 August 2016.
 
All of the Options have a five-year term from 1 September 2016 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 2016 to 31 August 2016 was calculated to be 18.96p.
 
The conversion of salaries and fees into Options is consistent with previous salary sacrifice transactions. A total of 1,032,499 new Options have been issued, each with an exercise price of 1p each, representing 0.94% per cent of the Company’s current issued share capital.

Salaries and Fees Converted into 1p Options 

For the period 1 March 2016 to 31 August 2016 the Salaries/Fees sacrificed were converted into 1p options, date of grant 1 September 2016, final exercise date of 31 August 2021 at the following VWAP reference prices:
 

Director / Other Number of Ordinary Shares under option Reference price (pence) Salary/Fee Sacrifice Period
Other 440,108 18.96 01-Mar-16 - 31-Aug-16
Mark Routh 365,550 18.96 01-Mar-16 - 31-Aug-16
Martin Ruscoe 79,558 18.96 01-Mar-16 - 31-Aug-16
Other 78,722 23.18 17-May-16 - 31-Aug-16
Peter Young 34,270 8.42 01-Mar-16 - 31-Mar-16
David Peattie 22,861 27.76 29-Jul-16 - 31-Aug-16
Andrew Hay 11,430 27.76 29-Jul-16 - 31-Aug-16
Total 1,032,499  

Effective date of grant: 1 September 2016. 

Note: Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.