i3 Energy plc, an independent oil and gas company with assets and operations in the UK, has issued 100,000 options at an exercise price of 39.5 pence per share to Mrs. Linda Beal, non-executive director of i3, further to her appointment as announced on September 17th, 2019.
The Options are for ten years and will vest as follows:
· One-third upon completion of the Company's current drilling programme which confirms a resource base supporting i3's envisaged Liberator Phase I development plan;
· One-third upon securing funding for the Liberator Phase I development; and
· One-third on increasing gross reserves to 50 MMbbls or achieving first oil from the Company's licences.
Regardless of the above, 100% of the options will vest at first oil from the Company's licences or if there is a change of control of the Company.