IOG PLC Issue of Equity (9408I)
18 August 2021 - 12:58AM
UK Regulatory
TIDMIOG
RNS Number : 9408I
IOG PLC
17 August 2021
17 August 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 141,741 ordinary shares of 1
penny each in the capital of the Company ("Ordinary Shares"),
following the exercise by a former IOG contractor of the same
number of options pursuant to a Fee Sacrifice Share Option
agreement (the "Exercise").
The Company has applied to the London Stock Exchange for
admission of 141,741 new Ordinary Shares to trading on AIM
("Admission"). Admission is expected to occur on 20 August 2021.
Following Admission there will be 489,443,053 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.
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 Capital Markets & ESG) +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 / Oliver Clark +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. 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
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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