TIDMIOG

RNS Number : 7501I

Independent Oil & Gas PLC

15 December 2020

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 plc 
 Andrew Hockey (CEO) 
 Rupert Newall (CFO) 
 James Chance (Head of Corporate Finance & IR)   +44 (0) 20 7036 1400 
 
finnCap Ltd 
 Christopher Raggett 
 Simon Hicks                                     +44 (0) 20 7220 0500 
 
Peel Hunt LLP 
 Richard Crichton 
 David McKeown                                   +44 (0) 20 7418 8900 
 
Vigo Communications 
 Patrick d'Ancona 
 Chris McMahon 
 Simon 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 Bcfe(1) + 2C gas Contingent Resources of 108 Bcfe(2), 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 Bcfe(2) 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.

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

(2) ERC 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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IOEZELFFBLLLFBX

(END) Dow Jones Newswires

December 15, 2020 09:25 ET (14:25 GMT)

Grafico Azioni Iog (LSE:IOG)
Storico
Da Feb 2024 a Mar 2024 Clicca qui per i Grafici di Iog
Grafico Azioni Iog (LSE:IOG)
Storico
Da Mar 2023 a Mar 2024 Clicca qui per i Grafici di Iog