UK Oil & Gas chief executive Stephen Sanderson bought 985,221 shares in the company this month, at a price of 0.1015p per share, the company has confirmed.
The purchase, which cost £1,000, was Mr Sanderson’s first share investment in UKOG.
It said Mr Sanderson had committed to buy approximately 7% of his net monthly salary in ordinary shares each month for 12 months. The final purchase is expected in November 2022, UKOG said.
UKOG’s annual accounts for the year ending September 2020 reported that Mr Sanderson’s gross annual salary was £297,000.
The company also announced new options over a total of £15million ordinary shares had been granted to the new chief financial officer, Matthew Gormley. The options were granted at an exercise price of 0.10p per share and are worth £15,000. They expire after five years.
Following the issue, UKOG has 291m share options outstanding with employees and directors, representing about 1.8% of existing ordinary share capital.
Shares in UKOG closed up 1.27% on Friday at 0.10p.