RNS Number: 9957 J Independent Oil& Gas PLC 22 August 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 9956 J Independent Oil& Gas PLC 22 August 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Independent Oil & Gas Full steam ahead for IOG this morning as they bring forward the process for delivery of the Core Project, phase 1 contracts are being retendered and will be awarded shortly after FID, expected next month. First gas is expected in July 2021 from the Southwark field but the company is confident enough to bring forward the drilling programme so that Elgood comes earlier and will then come onstream with Blythe. Whilst this involves higher initial capex it means that these fields will come onstream over winter 2021 which should more than offset the risk given higher prices in the winter. Whether it is the increased capex and the unexpected earlier costs as described above or a reluctance to raise any equity in the funding process, the proposed amount of the bond issue goes up from £70m to £88m and the marketing process starts this week. The next few weeks with this and the Farm-out completion preceding the FID makes it an important time for IOG.
Independent Oil & Gas Plc (IOG.L) Announced a project and funding update. In line with its target schedule for Core Project Phase 1 Final Investment Decision (FID), the company is in the advanced stages of retendering certain key project contracts and preparing to recommend final awards. Formal awards are expected to be made shortly after FID, which will follow directly from completion of the Farm-out and Bond. In that context, the company has chosen to optimise further the Phase 1 drilling schedule in the final FDP submission.
Independent Oil and Gas plc, the development and production company focused on becoming a substantial UK gas producer, is pleased to provide a project and funding update, further to recent announcements relating to the proposed farm-out and bond issue.. In the UK gas market, winter months typically exhibit substantially higher gas pricing than summer months..
Independent Oil & Gas Yesterday IOG confirmed that LOG would be restructuring its position with regard to IOG post its farm-out. It plans to convert some of its Feb 2016 loan into 29.9% of IOG at 8p with the balance becoming loan notes also at 8p. The February 2018 loan will be exchanged into loan notes at 19p while the company is going to pay down the remaining |£16.6m
Independent Oil and Gas plc, the development and production company focused on becoming a substantial UK gas producer, is pleased to provide an update on its capital structure, further to its 26 July 2019 RNS.. These facilities include two £10 million loans, signed in February 2016 and February 2018, whose principal and accrued interest are convertible into...
RNS Number: 4458 I Independent Oil& Gas PLC 08 August 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Independent Oil & Gas IOG has announced that the Harvey appraisal well spudded yesterday and is expected to take around 60 days to complete. It has a 63% COS looking for 85/129/199 BCF of prospective resources and also to demonstrate reservoir deliverability. More importantly post the recent farm-out of IOG’s core project Cal Energy has the right to farm-in to 50% of the Harvey licences within three months of completion. If this option is exercised, CER will pay an additional £20 million to IOG and a £0.95/MCF royalty on all of CER’s life-of-field net gas production from Harvey (equivalent to £61.3 million if Harvey produces IOG’s 129 BCF Best Estimate Prospective Resources). This would maintain full alignment between IOG and CER across IOG’s entire SNS Assets. Harvey has always been crucial to the IOG plans in the SNS and with this farm-out potentially adding this well to the process the result just got that bit more interesting.
Independent Oil & Gas Plc (IOG.L) Announced that the Maersk Resilient rig spudded the Harvey appraisal well on 6 August 2019. As previously indicated, completion of the well is expected to take approximately two months in the success case. The primary objective of the well is to confirm gas volumes which management estimate at 85/129/199 BCF Prospective Resources in the Low/Best/High case, with a 63% Geological Chance of Success, and secondly to demonstrate reservoir deliverability. If successfully appraised, the additional scale and synergies of a Harvey development could substantially enhance the portfolio's overall value and returns. On completion of the farm-out transaction announced on 26 July 2019, the company's designated partner, CalEnergy Resources Limited (CER), will have the option to acquire 50% of the Harvey licences within three months of completion of the appraisal well. If this option is exercised, CER will pay an additional £20 million to the company and a £0.95/MCF royalty on all of CER's life-of-field net gas production from Harvey.
Independent Oil and Gas plc, the development and production company focused on becoming a substantial UK gas producer, is pleased to confirm that the Maersk Resilient rig spudded the Harvey appraisal well at 2230 hrs BST on Tuesday 6 August 2019. Harvey is centrally located within IOG's asset portfolio in UK Southern North Sea Blocks 48/ 23 c, 48/ 24 a, and 48/ 24 b,...
RNS Number: 4417 H Independent Oil& Gas PLC 31 July 2019. Independent Oil and Gas plc. IOG owns substantial low risk, high value gas reserves in the UK Southern North Sea.
RNS Number: 2661 H Independent Oil& Gas PLC 30 July 2019. The following announcement replaces the' Issue of New Shares and Director Shareholding' announcement released on 30 July 2019 at 15:13 under RNS No 2457 H. It amends the total number of New Ordinary Shares issued which was incorrectly stated as 690,960. All other details remain unchanged..
RNS Number: 2457 H Independent Oil& Gas PLC 30 July 2019. Independent Oil and Gas plc. Issue of New Shares and Director Shareholding.
RNS Number: 0868 H Independent Oil& Gas PLC 29 July 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 9226 G Independent Oil& Gas PLC 26 July 2019. Independent Oil and Gas plc. IOG owns substantial low risk, high value gas reserves in the UK Southern North Sea.
Independent Oil & Gas IOG has announced the farm-out of 50% of the company’s SNS assets to CalEnergy Resources (CER) for £40m in cash, up to £125m of development carry of 80% of IOG’s 50% core project costs and an option to farm-into Harvey post the upcoming appraisal well. There are some curious features which primarily include the fact that IOG will pay CER a royalty of 20.2% of its net revenue from the phase 1 fields only, up to a cap of £91m over field life which strikes me as pretty high. In order to fund its own share of phase 1 costs and without the ability to raise such money via equity, IOG are going to tap the Euro-denominated debt market by the issuing of a senior secured bond of £70m, it already has a detailed term sheet with ABG for this process. It appears from the statement, and I havent heard from the company this morning yet, that the LOG debt has to be repaid or restructured before this further debt can be taken on. TBC So, on completion, IOG will repay the non-convertible debt of £16.6m, as for the £22m of convertible debt this will either be repaid, converted into a maximum of 29.9% (it would be much more) of equity or converted into L/T unsecured debt at the same price…If they paid it all off it would use up £38.6m of the £40m being paid by CalEnergy so it will probably be a mixture of the rest but a minimum of £16.6m plus dilution and of course a lump of unsecured into the bargain. This is a real curates egg of a farm-out, at first glance it looks good and puts IOG into the position it wants to be in, ie developing its core project with cash and a substantial carry to deliver the project. But the payout from net revenue of 20.2% and the formidable task of repaying and restructuring the LOG debt along with the equity dilution that it brings takes some of the gloss of it. After a big rise first thing IOG shares have settled at 19.5p, just shy of what I seem to remember was the indicated bid some time ago….
Independent Oil and Gas plc, the development and production company focused on becoming a substantial UK gas producer, is pleased to announce that it has entered into a comprehensive farm-out transaction with CalEnergy Resources Limited.. o £40 million initial cash payment. §up to £65 million of development costs for Phase 2.
RNS Number: 6248 G Independent Oil& Gas PLC 24 July 2019. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 6238 G Independent Oil& Gas PLC 24 July 2019. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
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Company Profile

IOG was established in February 2011 and owns all of its licence interests 100%. IOG’s gas portfolio comprises the Blythe, Elgood, Nailsworth, Elland and Southwark gas fields in the Southern North Sea, with 2P reserves justified for development of 303bcf in total and the Harvey appraisal opportunity (Best Estimate Prospective Resources of 114bcf). IOG also owns 100% the Thames Pipeline which it is planning to use to export its gas to the UK gas market. In the recent 30th UKCS Licensing Round IOG was awarded the Goddard and Abbeydale discoveries which management estimates to comprise a further 200bcf of Prospective Resources. IOG also owns 100% of the Skipper licence south east of the Shetlands (block 9/21a) with 26.2mmbo of 2C resources.

Classification

Market Indices-

Locations

HQ
Longcroft House
2-8 Victoria Avenue
Bishopsgate
London
EC2M 4NS
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