Issue of Equity

RNS Number : 2602W

Independent Oil & Gas PLC

09 December 2019

 

09 Dec 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 229,201 ordinary shares of 1 penny each ('Ordinary Shares') in the capital of the Company.

On 14 November 2019, a notice was submitted by a former officer of the Company, to exercise his remaining 229,201 1p options over Ordinary Shares awarded to the former officer, pursuant to a 'fee sacrifice' share option agreement dated 1 September 2019 and confirming the awards of:

Date of grant	Number of options
01 September 2017	44,699
01 March 2018	34,179
03 September 2018	30,888
01 March 2019	46,954
01 September 2019	72,481
Total	229,201

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 13 December 2019. Following Admission, there will be 480,173,245 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                                               [phone]

Andrew Hockey (CEO)

Rupert Newall (CFO)

James Chance (Head of Corporate Finance & IR)

finnCap Ltd                                                                      [phone]

Christopher Raggett, Simon Hicks (Corporate Finance)

Camille Gochez (Corporate Broking)

Peel Hunt LLP                                                                     [phone]

Richard Crichton

David McKeown

Vigo Communications                                                         [phone]

Patrick d'Ancona

Chris McMahon

Simon Woods

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 and is in the process of updating its management estimate of gas resources at Harvey. Alongside this IOG continues to pursue value accretive acquisitions to 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

 

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