IOG PLC Issue of Equity (4934A)
June 01 2021 - 12:43PM
UK Regulatory
TIDMIOG
RNS Number : 4934A
IOG PLC
01 June 2021
1 June 2021
IOG plc
Issue of Equity
IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the UK gas
company targeting growth and high returns via an infrastructure-led
hub strategy, has issued a total of 224,536 ordinary shares of 1
penny each in the capital of the Company ("Ordinary Shares"),
following an exercise of options by a former Officer of the Company
pursuant to a Salary Sacrifice Share Option agreement (the
"Exercise").
The Company has applied to the London Stock Exchange for
admission of 224,536 new Ordinary Shares to trading on AIM
("Admission"). Admission is expected to occur on 7 June 2021.
Following Admission there will be 489,082,147 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.
Enquiries:
IOG 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 Consulting
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) 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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END
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