Update on Sale of Assets
30 August 2024
IOG plc
The Joint Administrators of IOG Plc ("IOG", or the "Company"), (AIM: IOG.L) provide an update on the sale of the entire issued share capital of IOG North Sea Limited, IOG Infrastructure Limited and IOG UK Limited.
The Administrators confirm that Completion has now occurred with effect from 30 August 2024.
Final matters to attend to in the Administration will principally relate to the distribution of funds in accordance with the statutory waterfall. Based on current information, it remains the intention of the Administrators to pay an initial distribution to secured creditors within one month of completion.
The Company will make further disclosures if and when appropriate.
Enquiries:
IOG plc (In Administration) +44(0)20 3005 4000
Simon Baggs
City Press
Rory Fletcher +44 (0)131 516 5654
About IOG:
IOG is a UK developer and producer of indigenous offshore gas. The Company began producing gas in March 2022 via its offshore and onshore Saturn Banks production infrastructure. In addition to its production assets, IOG operates several UK Southern North Sea licences containing gas discoveries and prospects which, subject to future investment decisions, may be commercialised through the Saturn Banks infrastructure. All its assets are co-owned 50:50 with its joint venture partner CalEnergy Resources (UK) Limited. Further details of its portfolio can be found at www.iog.co.uk.
This information is published in accordance with the requirements of the Oslo Børs Rule Book Part II 6.2.2.
This stock exchange release was published by Chad Griffin, Joint Administrator, IOG plc (in administration), on 30 August 2024 at 3.30pm.
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