Independent Oil & Gas : 23 Jan 2017 Conversion of Salaries and Fees into Share Options

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.