The options are part of i3's management incentive and are in accordance with existing share schemes.
Vesting is subject to the achievement of performance-related milestones as follows: One-third upon achieving production of 26,000 boepd;
One-third upon the addition of 5,000 boepd via acquisitions and One-third upon the addition of 25 MMbbl of 2P reserves.
The award shall vest as to one-third upon the first, second and third anniversary of the grant date, to the extent the award has not otherwise vested in accordance with the above provisions.
Regardless of the above, 100% of the options will vest if there is a change of control of the Company. The options were granted under the Company's Employee Share Option Plan.
Contact:
Tel: +44 (0) 203 781 8331
Notes to Editors
i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in
The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets.
i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance ('ESG') practices. i3 is proud of its performance to date as a responsible steward of the environment, people, and capital management. The Company is committed to maintaining an ESG strategy, which has broader implications for long-term value creation, as these benefits extend beyond regulatory requirements.
This announcement does not contain inside information.
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