Issue of Equity

Report this content

15 December 2020

 

Independent Oil and Gas plc

 

Issue of New Shares

 

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production company focused on becoming a substantial UK gas producer, has today issued a total of 34,103 ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares"), following the exercise by an IOG employee of the same number of options pursuant to a Salary Sacrifice Share Option agreement dated 6 October 2020. (the "Exercise").  

 

The Company has applied to the London Stock Exchange for admission of 34,103 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on 21 December 2020.  Following Admission there will be 488,211,155 Ordinary Shares in issue.  Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

 

Independent Oil and Gas plcAndrew Hockey (CEO)Rupert Newall (CFO)James Chance (Head of Corporate Finance & IR)  +44 (0) 20 7036 1400
finnCap LtdChristopher RaggettSimon Hicks   +44 (0) 20 7220 0500
Peel Hunt LLPRichard CrichtonDavid McKeown  +44 (0) 20 7418 8900
Vigo CommunicationsPatrick d'AnconaChris McMahonSimon Woods  +44 (0) 20 7390 0230

About IOG:

 

IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe² at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 21 Bcfe at Harvey. In December 2020 IOG also accepted a 50% operated stake in Licence P2589, containing the Panther and Grafton gas discoveries with management estimated 46 Bcfe and 35 Bcfe respectively. In addition IOG continues to pursue value accretive acquisitions to help generate significant shareholder returns.

 

1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression

2ERC Equipoise Competent Persons Report: October 2018

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Subscribe

Documents & Links