Independent Oil & Gas PLC Exercise of Warrants (5311H)
04 December 2020 - 6:00PM
UK Regulatory
TIDMIOG
RNS Number : 5311H
Independent Oil & Gas PLC
04 December 2020
4 December 2020
Independent Oil and Gas plc
Exercise of Warrants
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, has received notification from the
Administrators of London Oil and Gas Limited (in Administration)
("LOG") for the simultaneous exercise of 7,500,000 warrants over 1p
Ordinary Shares in the Company at a strike price of 8p and 377,310
warrants at a strike price of 11.9p. Both tranches of warrants had
a maturity date of 31 December 2020.
LOG has also confirmed that to fund this exercise, it sold
5,000,000 1p Ordinary Shares, as demonstrated in the TR-1 form
released on 3 December by the Company on LOG's behalf.
The Company has applied to the London Stock Exchange for
admission of 7,877,310 new Ordinary Shares to trading on AIM
("Admission"). Admission is expected to occur on 9 December 2020.
Following Admission there will be 488,177,052 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.
Upon Admission, the resulting total LOG shareholding following
the share sale and warrant exercise will be 145,888,669, equating
to 29.88% of the issued share capital (up from 29.78%).
LOG also holds two further tranches of warrants over 1p Ordinary
Shares in the Company: a further 5,400,000 warrants with a strike
price of 11.9p and a maturity date of 31 December 2020 and
20,000,000 warrants with a strike price of 32.18p and a maturity
date of 31 August 2023.
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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