9 November 2016
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Board Remuneration and Grant of Share Awards
Board Remuneration
In line with best practice corporate governance for AIM companies, Chariot sets its remuneration to attract and retain a quality management team while continuing to apply strong capital discipline in line with its corporate strategy.
Following the announcement in May 2015 and given the ongoing focus on protecting the cash balance, Board members are continuing to forego 50% of their salary or fees.
Executive Share Awards
The Remuneration Committee have approved a retention mechanism for the Executive team who are critical to delivering the corporate strategy. As a result the following Persons Discharging Managerial Responsibilities ("PDMR") were granted share awards in the form of nil cost options over Ordinary Shares on 9 November 2016 under the Company's Long Term Incentive Share Scheme. Subject to continued employment, these share awards will vest on 30 June 2019 and will remain exercisable until 8 November 2026.
| PDMR | Position | Number of Shares Awarded |
| Larry Bottomley | Chief Executive Officer | 1,318,841 |
| Julian Maurice-Williams | Chief Financial Officer | 869,566 |
Non-Executive Share Awards
In recognition of the Non-Executive Directors currently forfeiting 50% of their cash fees, the following PDMRs were granted share awards in the form of nil cost options over Ordinary Shares on 9 November 2016 under the Company's Non-Executive Directors' Restricted Share Unit Plan. Subject to continuing office, these share awards will vest in three equal instalments on 30 June 2017, 2018 and 2019 and will remain exercisable until 8 November 2026.
| PDMR | Position | Number of Shares Awarded |
| George Canjar | Non-Executive Chairman | 318,841 |
| Adonis Pouroulis | Non-Executive Director | 72,463 |
| Robert Sinclair | Non-Executive Director | 72,463 |
|
For further information please contact:
Chariot Oil & Gas Limited Larry Bottomley, CEO
|
+44 (0)20 7318 0450 |
| finnCap (Nominated Adviser and Joint Broker) Matt Goode, Christopher Raggett | +44 (0)20 7220 0500 |
| Peel Hunt (Joint Broker) Richard Crichton, Ross Allister | +44 (0)20 7418 8900
|
| EMC2 Advisory (Media Contact) Natalia Erikssen | +44 (0)78 0944 0929 |
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
About Chariot
Chariot Oil & Gas Limited is an independent oil and gas exploration group. It holds licences covering four blocks in Namibia, two blocks in Morocco and four licences in the Barreirinhas Basin offshore Brazil. All of these blocks are currently in the exploration phase.
The ordinary shares of Chariot Oil & Gas Limited are admitted to trading on the AIM Market of the London Stock Exchange under the symbol 'CHAR'.
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Larry Bottomley | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Chief Executive Officer | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Chariot Oil & Gas Limited | ||||
| b) | LEI | 21380046DOGKITYU6X54 | ||||
| 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, type of instrument | Option over Ordinary Shares. | ||||
| Identification code | ISIN for Chariot Oil & Gas Limited Ordinary Shares: GG00B2R9PM06 | |||||
| b) | Nature of the transaction | Grant of option over Ordinary Shares. In accordance with the Company's Long Term Incentive Share Scheme this option will vest on 30 June 2019 and will remain exercisable until 8 November 2026. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
Not applicable, single transaction. | ||||
| e) | Date of the transaction | 9 November 2016 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Julian Maurice-Williams | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Chief Financial Officer | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Chariot Oil & Gas Limited | ||||
| b) | LEI | 21380046DOGKITYU6X54 | ||||
| 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, type of instrument | Option over Ordinary Shares. | ||||
| Identification code | ISIN for Chariot Oil & Gas Limited Ordinary Shares: GG00B2R9PM06 | |||||
| b) | Nature of the transaction | Grant of option over Ordinary Shares. In accordance with the Company's Long Term Incentive Share Scheme this option will vest on 30 June 2019 and will remain exercisable until 8 November 2026. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
Not applicable, single transaction. | ||||
| e) | Date of the transaction | 9 November 2016 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | George Canjar | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Non-Executive Chairman | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Chariot Oil & Gas Limited | ||||
| b) | LEI | 21380046DOGKITYU6X54 | ||||
| 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, type of instrument | Option over Ordinary Shares. | ||||
| Identification code | ISIN for Chariot Oil & Gas Limited Ordinary Shares: GG00B2R9PM06 | |||||
| b) | Nature of the transaction | Grant of option over Ordinary Shares. In accordance with the Company's Non-Executive Directors' Restricted Share Unit Plan this option will vest in three equal instalments on 30 June 2017, 2018 and 2019 and will remain exercisable until 8 November 2026. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
Not applicable, single transaction. | ||||
| e) | Date of the transaction | 9 November 2016 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Adonis Pouroulis | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Non-Executive Director | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Chariot Oil & Gas Limited | ||||
| b) | LEI | 21380046DOGKITYU6X54 | ||||
| 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, type of instrument | Option over Ordinary Shares. | ||||
| Identification code | ISIN for Chariot Oil & Gas Limited Ordinary Shares: GG00B2R9PM06 | |||||
| b) | Nature of the transaction | Grant of option over Ordinary Shares. In accordance with the Company's Non-Executive Directors' Restricted Share Unit Plan this option will vest in three equal instalments on 30 June 2017, 2018 and 2019 and will remain exercisable until 8 November 2026. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
Not applicable, single transaction. | ||||
| e) | Date of the transaction | 9 November 2016 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Robert Sinclair | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Non-Executive Director | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Chariot Oil & Gas Limited | ||||
| b) | LEI | 21380046DOGKITYU6X54 | ||||
| 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, type of instrument | Option over Ordinary Shares. | ||||
| Identification code | ISIN for Chariot Oil & Gas Limited Ordinary Shares: GG00B2R9PM06 | |||||
| b) | Nature of the transaction | Grant of option over Ordinary Shares. In accordance with the Company's Non-Executive Directors' Restricted Share Unit Plan this option will vest in three equal instalments on 30 June 2017, 2018 and 2019 and will remain exercisable until 8 November 2026. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
Not applicable, single transaction. | ||||
| e) | Date of the transaction | 9 November 2016 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||