Industry

UKOG chief executive commits to invest £12,000 in company over a year

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.

Stephen Sanderson, chief executive of UK Oil & Gas plc. Photo: DrillOrDrop

The purchase, which cost £1,000, was Mr Sanderson’s first share investment in UKOG.

A company statement said the purchase was part of UKOG’s Defined Directors Share Programme, announced earlier this year.

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.

5 replies »

  1. 12 grand investment out of 297 grand per annum. Phew, that’s a resounding endorsement of his company. Nice return if the share value soars.

    • A small price to pay if it prolongs his remuneration package for a few more months, I suspect that long term shareholders who bought into the Gatwick gusher claims, won’t be impressed.

  2. Good news is stacking up.

    HH producing oil and moving towards green energy.

    Turkey is moving forward towards positive results in Q1 – 2022.

    Loxely decision to be revealed shortly, on an application supported by all planning officers and neighbouring agencies. It’s tipped to be 2nd largest gas field in the U.K.

    Overall exciting times for me.

  3. Well, Malcolm, if anyone takes a look at the daily trading for UKOG shares these long term shareholders seem to be vastly outnumbered by the traders, and have been for quite a few years. But, perhaps focus upon the long term shareholders as a narrative needs to be created, whether it is correct or not.

  4. Agree with Mike Potter’s sentiment £12000 over a year on his salary doesn’t exactly inspire confindence! Gatwick gusher? More like a light shower on a hot June day ^^.

    I put in £1000’s into this stock in 2017 only to see it devalued by 99% would of thought after 5 years would of seen at least some roi 😦

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