Award of Long-Term Incentive Options

17 Mar 2023 08:00 CET

17 March 2023

IOG plc

Award of Long-Term Incentive Options

IOG plc ("IOG", or the "Company"), (AIM: IOG.L) announces details of options
granted over 30,934,200 1p ordinary shares in the Company ("Ordinary Shares") to
incentivise long-term performance ("2023 LTIP Options") to its staff under its
Company Share Option Plan ("CSOP").

The Company's annual LTIP Option awards are usually awarded following the
release of the previous year Annual Report and Accounts. They are a key part of
the Company's remuneration policy as it seeks to attract and retain the right
talent as a smaller operator in a competitive market. Awards are made to all
members of staff to incentivise long-term performance and increase alignment
with shareholders. They form an important element of each employee's total
potential remuneration.

All LTIP Options are subject to a three-year vesting period and are subject to a
number of vesting conditions including share price, production and emissions
performance. Relevant employees must remain employed by the Company at the time
of vesting and forfeit all their unvested LTIP Options on departure (except in
the case of retirement, in which case they lapse six months later).

A total of 11,890,886 of the 25,664,543 LTIP Options awarded in aggregate over
2020-22 have now lapsed due to failure to meet vesting conditions or employee
departures. Of the remaining 13,773,657, a large majority are unlikely to meet
their respective share price and production related performance conditions and
are therefore expected to lapse in due course.

The Remuneration Committee of the Board ("RemCo") recognises the substantial
drop in the Company's share price over the past 12 months and the need to
balance the retention, incentivisation and alignment of its employees with
shareholders' interests. Accordingly, for the 2023 LTIP awards, it has applied a
30% reduction to the formula for number of options awarded. It also increased
the share price related vesting condition from 12.5% to 25% compound annual
Total Shareholder Return ("TSR"), which equates to a target of 95% higher than
the reference price (rather than 43%) over the three-year vesting period.

The Company has today granted the 2023 LTIP Options to all of its employees,
including executive directors and senior management, to incentivise long-term
performance. The 2023 LTIP Options represent 5.89% of the Company's current
Issued Share Capital ("ISC"). Taking into account the 11,890,886 previously
granted options that have already lapsed, this represents a net issuance of
19,044,034 (3.63% of ISC).

The 2023 LTIP Options also have a three-year vesting period and are subject to
the following vesting conditions over the three-year period:

· 60% upon achievement of a compound annual TSR of 25% (equating to a 9.45p
target share price)
· 25% on meeting production targets
· 15% on meeting emissions targets

Subject to vesting, they are exercisable for up to ten years from the date of
grant and will lapse if not exercised by such date. As with all previous awards,
they will lapse if the relevant employee leaves the Company.

RemCo has also amended the CSOP such that it can use its discretion to decide
whether retiring directors can retain and exercise their LTIP Options beyond six
months after retirement.

Executive Directors

The following 2023 LTIP Options have been granted to Executive Directors of the
Company:

Name Position Number of Exercise Price per Exercise Total LTIP Options
New Ordinary Share Period Held Following This
Options (pence) Grant
Granted
Rupert CEO 8,663,367 1p 10 years 12,524,426
Newall
Dougie COO 6,839,500 1p 10 years 8,529,641
Scott

Senior Management and Employees

The following 2023 LTIP Options have been granted to Senior Management and
Employees:

Name Position Number of Exercise ExercisePeriod Total LTIP Options
New Price per Held Following This
Options Ordinary Grant
Granted Share
(pence)
John CFO 2,940,985 1p 10 years 3,020,985
Arthur
James Head of 1,801,069 1p 10 years 4,841,198
Chance Capital
Markets
& ESG
Robin General 1,942,418 1p 10 years 2,934,210
Storey Counsel
Other Various 8,747,920 1p 10 years 12,545,519
Employees

Related Party Transaction

RemCo's decision to amend the terms of the CSOP such that it can use its
discretion to decide whether retiring directors can retain and exercise their
LTIP Options beyond six months from retirement constitutes a related party
transaction for the purposes of Rule 13 of the AIM Rules.

The independent directors of the Company consider, having consulted with
finnCap, the Company's nominated adviser, that the terms of the amendment are
fair and reasonable insofar as its shareholders are concerned.

Total options outstanding

Following the grant of the 2023 LTIP Options, the Company has a total of
51,108,577 employee LTIP options over Ordinary Shares outstanding (excluding
salary sacrifice options, which RemCo does not classify as being part of long
-term performance incentivisation and therefore excludes from relevant
calculations), representing approximately 9.73% of the Company's ISC.

Fiona MacAulay, Chair of IOG, commented:

"To achieve its objectives it is vital that IOG can attract and retain high
calibre staff and ensure they are aligned with shareholders. The 2023 LTIP
Options are intended to reward long term performance by all employees to deliver
value for shareholders. With 11,890,886 LTIP Options having lapsed since 2020,
this represents a net increase of 19,044,034 or 3.63% of Issued Share Capital."

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in
accordance with the company's obligations under Article 17 of MAR.

Enquiries:

IOG plcRupert Newall (CEO)James +44 (0) 20 7036 1400
Chance (Head of Capital Markets &
ESG)
finnCap LtdChristopher Raggett / +44 (0) 20 7220 0500
Simon Hicks
Peel Hunt LLPRichard Crichton / +44 (0) 20 7418 8900
David McKeown

Vigo ConsultingPatrick d'Ancona / +44 (0) 20 7390 0230
Finlay Thomson

Person Discharging Managerial Responsibilities ("PDMR") Notification Forms

1. Details of the person discharging
managerial responsibilities/person
closely associated
(a) Name Rupert Newall
2. Reason for the notification
(a) Position/status CEO
(b) Initial notification/ Amendment Initial notification
3. Details of the issuer
(a) Name IOG plc
(b) LEI 2138005OA2NLZS2NRT74
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 IOG plc Ordinary
Instrument Shares of 1p
each
(b) Identification code of the ISIN:
Financial Instrument GB00BF49WF64
(c) Nature of the transaction Grant of Options
over ordinary shares
of 1 pence each in
the Company
(d) Price(s) and volume(s) Price(s) Volume(s)
1p 8,663,367

(e) Aggregated information-           n/a
Aggregated volume-           Price
(f) Date of the transaction 17 March 2023
(g) Place of the transaction London Stock
Exchange, AIM Market
(XLON)

1. Details of the person discharging
managerial responsibilities/person
closely associated
(a) Name Dougie Scott
2. Reason for the notification
(a) Position/status COO
(b) Initial notification/ Amendment Initial notification
3. Details of the issuer
(a) Name IOG plc
(b) LEI 2138005OA2NLZS2NRT74
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 IOG plc Ordinary
Instrument Shares of 1p
each
(b) Identification code of the ISIN:
Financial Instrument GB00BF49WF64
(c) Nature of the transaction Grant of Options
over ordinary shares
of 1 pence each in
the Company
(d) Price(s) and volume(s) Price(s) Volume(s)
1p 6,839,500

(e) Aggregated information-           n/a
Aggregated volume-           Price
(f) Date of the transaction 17 March 2023
(g) Place of the transaction London Stock
Exchange, AIM Market
(XLON)

1. Details of the person discharging
managerial responsibilities/person
closely associated
(a) Name John Arthur
2. Reason for the notification
(a) Position/status CFO
(b) Initial notification/ Amendment Initial notification
3. Details of the issuer
(a) Name IOG plc
(b) LEI 2138005OA2NLZS2NRT74
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 IOG plc Ordinary
Instrument Shares of 1p
each
(b) Identification code of the ISIN:
Financial Instrument GB00BF49WF64
(c) Nature of the transaction Grant of Options
over ordinary shares
of 1 pence each in
the Company
(d) Price(s) and volume(s) Price(s) Volume(s)
1p 2,940,985

(e) Aggregated information-           n/a
Aggregated volume-           Price
(f) Date of the transaction 17 March 2023
(g) Place of the transaction London Stock
Exchange, AIM Market
(XLON)

1. Details of the person discharging
managerial responsibilities/person
closely associated
(a) Name James Chance
2. Reason for the notification
(a) Position/status Head of Capital
Markets & ESG
(b) Initial notification/ Amendment Initial notification
3. Details of the issuer
(a) Name IOG plc
(b) LEI 2138005OA2NLZS2NRT74
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 IOG plc Ordinary
Instrument Shares of 1p
each
(b) Identification code of the ISIN:
Financial Instrument GB00BF49WF64
(c) Nature of the transaction Grant of Options
over ordinary shares
of 1 pence each in
the Company
(d) Price(s) and volume(s) Price(s) Volume(s)
1p 1,801,069

(e) Aggregated information-           n/a
Aggregated volume-           Price
(f) Date of the transaction 17 March 2023
(g) Place of the transaction London Stock
Exchange, AIM Market
(XLON)

1. Details of the person discharging
managerial responsibilities/person
closely associated
(a) Name Robin Storey
2. Reason for the notification
(a) Position/status General Counsel &
Company Secretary
(b) Initial notification/ Amendment Initial notification
3. Details of the issuer
(a) Name IOG plc
(b) LEI 2138005OA2NLZS2NRT74
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 IOG plc Ordinary
Instrument Shares of 1p
each
(b) Identification code of the ISIN:
Financial Instrument GB00BF49WF64
(c) Nature of the transaction Grant of Options
over ordinary shares
of 1 pence each in
the Company
(d) Price(s) and volume(s) Price(s) Volume(s)
1p 1,942,418

(e) Aggregated information-           n/a
Aggregated volume-           Price
(f) Date of the transaction 17 March 2023
(g) Place of the transaction London Stock
Exchange, AIM Market
(XLON)

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585532_Award_of_Long_Term_Incentive_Options.pdf