Independent Oil & Gas PLC Directorate Change (0067F)
11 November 2020 - 11:08PM
UK Regulatory
TIDMIOG
RNS Number : 0067F
Independent Oil & Gas PLC
11 November 2020
11 November 2020
Independent Oil and Gas plc
Board and Management Change
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM:
IOG.L), the UK gas company targeting high returns via an
infrastructure-led hub strategy, announces that its Chief Operating
Officer, Mark Hughes, is retiring for health reasons after a career
spanning more than 40 years with Shell, Lasmo, Gaz de France, RWE
Dea UK, INEOS Breagh and latterly IOG.
Andrew Hockey, CEO of IOG, commented:
"Since he joined IOG in April 2018, Mark has played a key role
in its development, guiding the Phase 1 project through the first
year of implementation since Final Investment Decision and
delivering the Company's first approved Field Development Plan. He
has also been instrumental in recruiting and overseeing the
experienced development and subsurface teams that are executing
Phase 1 as well as planning future phases of growth.
Although Mark has resigned as a director and stepped down as COO
with immediate effect, he has agreed to continue to be available in
an advisory role as needed to ensure a smooth transition. The
selection process for his successor has started and we expect to
appoint a new COO in due course. We have an experienced team in
place covering all the key disciplines and I have every confidence
that they will continue to deliver Phase 1 as planned.
We wish Mark the very best in his future retirement and are
extremely grateful for all his dedication and expertise over recent
years, which have helped to lay the foundations for IOG to become a
successful UK operator and material gas producer."
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas 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 Communications
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) + 2C gas
Contingent Resources of 108 Bcfe(2), 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 Bcfe(2) at
Goddard. Alongside this IOG has management estimated mid-case
recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and
Redwell licences and continues to pursue value accretive
acquisitions to generate significant shareholder returns. In
September 2020 IOG was also offered four further Southern North Sea
blocks adjacent to its existing portfolio which it had applied for
in the 32(nd) Offshore Licensing Round.
(1) ERC Equipoise Competent Persons Report: October 2017,
adjusted by Management to account for updated project timing and
compression
(2) ERC Equipoise Competent Persons Report: October 2018
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END
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