Issue of Equity

RNS Number : 2965G

Independent Oil & Gas PLC

22 July 2019

 

22 July 2019

Independent Oil and Gas plc

Issue of Equity

Independent Oil and Gas plc ('IOG' or the 'Company) (AIM: IOG.L), the development and production focused oil and gas company, has today issued a total of 1,500,095 ordinary shares of 1 penny each ('Ordinary Shares') in the capital of the Company.

On 19 July 2019, a notice was submitted by a former officer of the Company, to exercise 1,500,095 penny options over Ordinary Shares awarded to the former officer, pursuant to a 'salary sacrifice' share option agreement dated 1 March 2019 and confirming the awards of 611,601 and 888,494 dated 31 August 2015 and 1 March 2016 respectively.

The Company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trade on AIM ('Admission').  Admission is expected to occur on Friday 26 July 2019. Following Admission, there will be 339,603,885 Ordinary Shares in issue with one voting right per Ordinary Share. 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 and Transparency Rules.

Enquiries:

Independent Oil and Gas plc Andrew Hockey (CEO) James Chance (CFO)	[phone]
finnCap Ltd Christopher Raggett Anthony Adams	[phone]
Peel Hunt LLP Richard Crichton David McKeown	[phone]
Vigo Communications Patrick d'Ancona	[phone]

Notes -

About Independent Oil and Gas:

IOG owns substantial low risk, high value gas reserves in the UK Southern North Sea.  The Company is targeting a 2P peak production rate of 114 MMCF/d (c. 20,000 Boe/d) from its substantial Core Project (2P gas Reserves of 302 BCF) via an efficient hub strategy.  In addition to the independently verified 2P reserves, IOG now has independently verified 2C contingent gas resources of 108 BCF in Goddard and best estimate unrisked prospective gas resources of 202 BCF in Harvey and Goddard.  Alongside this IOG continues to pursue value accretive acquisitions to generate significant shareholder returns.  All IOG's licences and the Thames Pipeline are owned 100% and operated by IOG.

Further information can be found on www.independentoilandgas.com

 

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