Independent Oil and Gas , the North Sea focused energy company, said a number of bosses at the firm have swapped all or part of their salaries for share options.
A total of 628,496 new options with an exercise price of 1p – compared to current levels of around 10p – have been issued to directors including chief executive Andrew Hockey. The shares are in lieu of salaries or fees over a six month period.
The salary swap move, which is in line with previous agreements by directors at the firm, comes as the company looks towards making a funding decision on its core North Sea gas project in the coming months.
Yesterday the company announced annual losses rose but it said it was making continuing progress on farm-out talks on its gas hub project.
It recently raised £16 million, partly to fund planned drilling activity at its Harvey project in the North Sea. It also rejected a takeover approach from RockRose Energy
Hockey said that 2018 had been a “year of progress” across its Southern North Sea portfolio.
