Issue of Equity

RNS Number : 9226G

Independent Oil & Gas PLC

26 July 2019

 

26 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 1,077,905 ordinary shares of 1 penny each ('Ordinary Shares') in the capital of the Company.

On 24 July 2019, a notice was submitted by a former officer of the Company, to exercise his remaining 1,077,905 1p 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:

Date of grant	Number of options
31 August 2016	365,550
01 March 2017	298,628
31 August 2017	147,507
01 March 2018	112,791
31 August 2018	110,553
01 March 2019	42,876
Total	1,077,905

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 Thursday 1 August 2019. Following Admission, there will be 340,681,790 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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