TIDMBOIL

RNS Number : 1067W

Baron Oil PLC

20 December 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS 2019/310

20 December 2021

Baron Oil Plc

("Baron Oil", "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, Latin America and the UK, announces a grant of EMI Share Options ("EMI" or "EMI Options") under the HMRC approved Share Option scheme alongside a grant of unapproved Share Options ("Share Options").

The Baron EMI scheme, which was established in May 2020, is a long-term HMRC approved tax efficient option scheme that enables companies to attract and retain key staff by rewarding them with equity participation in the business. The scheme is open to all Baron employees who qualify under the HMRC rules.

This programme of EMI and other Share Option awards is designed to re-balance management incentives, specifically for the Executive Directors, where previous option grants had been sporadic, short term in nature and unrepresentative as a meaningful incentive. During 2021, a total of 30,000,000 Share Options expired.

The Company has today granted EMI Options and Share Options over a total of 530,000,000 ordinary shares of 0.025 pence each in the Company ("Ordinary Shares") to the following: Andrew Yeo, Chief Executive Officer (290,000,000); (Hugh) Jon Ford, Technical Director (180,000,000) and Geoffrey Barnes, Financial Controller and Company Secretary (60,000,000). All of these vested options have a ten year life from the date of grant and an exercise price of 0.06p, being the closing mid-market price on 17 December 2021, the last practicable date prior to the release of this announcement. As a result of these awards, the Directors and Employees' option pool rises to 9.06% of the Company's fully diluted ordinary share capital. The Company's entire option pool is now equivalent to 12.25% of the Company's fully diluted ordinary share capital.

The FCA notifications in respect of the above option grants, made in accordance with the requirements of the UK Market Abuse Regulation, are appended below.

Following the grant of these EMI Options and Share Options, the number of EMI Options and Share Options held by Directors and Employees is as follows:

 
                                                                                       % Fully 
                                                                                       Diluted 
                      New       Exercise    Existing     Exercise        Total         Ordinary 
 Option Holder      Options      Price       Options       Price        Options      Shares***** 
                 ------------  ---------  ------------  ----------  --------------  ------------ 
   Andrew Yeo     290,000,000    0.06p* 
                                           125,000,000    0.10p** 
                                           250,000,000   0.07p***     665,000,000       4.98% 
                 ------------  ---------  ------------  ----------  --------------  ------------ 
   (Hugh) Jon 
      Ford        180,000,000    0.06p* 
                                           75,000,000    0.10p**** 
                                           140,000,000   0.07p***     395,000,000       2.96% 
                 ------------  ---------  ------------  ----------  --------------  ------------ 
    Geoffrey 
     Barnes       60,000,000     0.06p* 
                                           40,000,000     0.10p** 
                                           50,000,000    0.07p***     150,000,000       1.12% 
     Total        530,000,000              680,000,000               1,210,000,000      9.05% 
 
 * Exercisable at any time prior to 
  19 December 2031 
  ** Exercisable at any time prior to 
  25 May 2030 
  *** Exercisable, after 21 July 2022, 
  at any time prior to 21 July 2031 
 
   **** Exercisable at any time prior 
   to 9 November 2030 
 
 
 ***** Current number of Ordinary Shares in issue is 
  11,583,612,461; Fully Diluted Ordinary Share capital, 
  which includes all Warrants as well as EMI Options and 
  Share Options, represents 13,363,237,462 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                     i. Andrew Yeo 
                                                         ii. Hugh Jonathan 
                                                         Ford 
                                                         iii. Geoffrey Barnes 
       -----------------------------------------  ------------------------------------------- 
 2.     Reason for notification 
       -------------------------------------------------------------------------------------- 
  (b)   Position/status                                 i. Director - Chief 
                                                         Executive Officer 
                                                         ii. Director - Technical 
                                                         Director 
                                                         iii. Financial Controller 
                                                         and Company Secretary 
       -----------------------------------------  ------------------------------------------- 
  (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                  Grants of options 
       -----------------------------------------  ------------------------------------------- 
  (d)   Price(s) and volume(s)                      Exercise     Volume(s) 
                                                      Prices(s) 
                                                     i.                      i. 290,000,000 
                                                      0.06 
                                                      pence                   ii. 180,000,000 
                                                      ii. 
                                                      0.06                    iii. 60,000,000 
                                                      pence 
                                                      iii. 
                                                      0.06 
                                                      pence 
                                                                 ---------------------------- 
       -----------------------------------------  ------------------------------------------- 
  (e)   Aggregated information:                    N/A - transactions 
         - Aggregated volume                        are as in 4(d) above. 
         - Price 
       -----------------------------------------  ------------------------------------------- 
  (f)   Date of transaction                        20 December 2021 
       -----------------------------------------  ------------------------------------------- 
  (g)   Place of transaction                       Outside a trading 
                                                    venue 
       -----------------------------------------  ------------------------------------------- 
 
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END

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December 20, 2021 02:00 ET (07:00 GMT)

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