Result of AGM and Change of Name

RNS Number : 7841W

Independent Oil & Gas PLC

27 April 2021

 

27 April 2021

IOG plc

Result of AGM and change of name to IOG plc

IOG plc ("IOG" or "the Company"), (AIM: IOG.L), the UK gas company targeting growth and high returns via an infrastructure-led hub strategy, is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting (AGM) held today, were duly passed.

Full details of the resolutions may be found at: www.iog.co.uk/media/1332/iog-plc-agm-notice-27-april-2021v7.pdf  

Owing to government Covid-19 restrictions, shareholders had been asked to submit their proxy votes beforehand and votes were received representing 63.60% of the Company's issued shares in this way.

The proxy votes received from shareholders were as follows:

Resolution	For	%	Against	%	Withheld
1.	310,917,393	100.00%	0	0.00%	5,789
2.	310,917,393	100.00%	0	0.00%	5,789
3.	310,917,393	100.00%	0	0.00%	5,789
4.	310,917,393	100.00%	0	0.00%	5,789
5.	310,871,203	99.99%	46,190	0.01%	5,789
6.	300,249,898	96.57%	10,667,495	3.43%	5,789
7.	300,224,898	96.56%	10,692,495	3.44%	5,789

Further to the passing of Resolution 5, the Company has now registered its change of name from Independent Oil and Gas plc to IOG plc.

Shareholders can view a full recording of the corporate presentation delivered at today's AGM here: www.iog.co.uk/news-and-media/video-gallery/  

Andrew Hockey, CEO of IOG, commented:  

"I am pleased that all resolutions have been supported and thank shareholders for casting their proxy votes beforehand. Our simplifying of the company name to IOG plc better reflects our identity and is consistent with all our existing branding."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

Enquiries:

IOG plc Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Corporate Finance & IR)	[phone]
finnCap Ltd Christopher Raggett Simon Hicks	[phone]
Peel Hunt LLP Richard Crichton David McKeown	[phone]
Vigo Consulting Patrick d'Ancona Chris McMahon Simon Woods	[phone]

About IOG:

IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. IOG's 50% Joint Venture partner is CalEnergy Resources (UK) Limited (CER). 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 and management estimated 2C gas Contingent Resources of 132 Bcfe, via an efficient hub strategy based on co-owned infrastructure. In addition to its 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C contingent resources at Goddard, it has management estimated gross 2C contingent resources of 23 Bcfe at Abbeydale and unrisked mid-case prospective resources of 66 Bcfe at Thornbridge, 31 Bcfe at Southsea, 31 Bcfe at Kelham, 27 Bcfe and 16 Bcfe in the two Goddard flank structures, and 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 gross mid-case contingent resources of 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

 

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