David Bramhill, Executive Director of Union Jack, commented:
“The appointment of Frazer Lang to the Board of Union Jack reflects the close alliance between the Company and Humber and is a logical progression for the future.
We welcome Frazer to the team and look forward to what could be transformational times in the near term for both Union Jack and Humber given our joint interests in two potential high impact projects at Biscathorpe and West Newton where appraisal wells are imminent and the proposed oil field development of the Wressle-1 discovery.”
Union Jack Oil plc (LON: UJO), a UK focused onshore hydrocarbon production, development and exploration company today announced the appointment of Frazer Lang as a Non-Executive Director of the Company with immediate effect.
Frazer is also an Executive Director of Union Jack’s Commercial Partner, Humber Oil & Gas Limited, with whom Union Jack established a relationship in March 2018, whereby both parties seek to co-invest in UK onshore hydrocarbon opportunities.
Since entering into the partnership, three significant commercial collaborations have taken place between Humber and Union Jack, acquiring joint interests in PEDL253 Biscathorpe, where site work is nearly complete for the drilling of the Biscathorpe-2 appraisal well, expected to be spudded during December 2018, PEDL183 containing the major West Newton-1 gas discovery, where an appraisal well is planned to be drilled in Q1 2019, and PEDLs 180/182 containing the Wressle-1 discovery, where permission for oil field development is being sought.
Grant of Share Options
On appointment, Frazer Lang will be granted 30,000,000 Share Options in the Company.
The Share Options have an exercise price of 0.11 pence being the mid-market closing price as of 3 December 2018.
The vesting period is 3 years from the date of grant.
The Share Options can only be exercised if the share price is at a 30% premium to the exercise price.
The Share Options granted represent approximately 0.035% of the total issued share capital.
Related Party Transaction
The grant of the options is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies.
David Bramhill, Joseph O`Farrell, Raymond Godson and Graham Bull being the independent directors, consider, having consulted the Company`s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
Beneficial Interest in Union Jack
Frazer Lang is beneficially interested in 1,267,606,538 Ordinary Shares of Union Jack held by G.P. (Jersey) Limited representing 15% of the total issued share capital of the Company.