RNS Number: 7891 M Independent Oil& Gas PLC 18 September 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 have given an update on the Harvey appraisal well in the UK SNS this morning. The well has reached TD and taken two 90 ft cores from the reservoir along with a full suite of wireline logs including pressure test and fluid samples as well as Vertical Seismic Profiling. Initial analysis of the wireline data demonstrates the presence of a 49ft gas column at the top of the reservoir. There will now be detailed analysis of the data including the VSP leading to options for a potential Harvey development which will include the gas hub strategy dependent on its size. CER now have the option to acquire 50 of the Harvey licences for three months, that decision will be of significant interest but the strategy means a ‘low commerciality threshold’ which it might need.
Independent Oil & Gas Plc (IOG.L) Announced an update on the Harvey appraisal well 48/24b-6 in the UK Southern North Sea Gas Basin. The well has reached a total depth of 7,537 ft Measured Depth (MD) in the Permian Leman Sandstone reservoir, meeting the work commitment for Licence P2085. Initial analysis of the wireline data demonstrates the presence of a 49ft gas column at the top of the reservoir. The comprehensive wireline dataset acquired in the well will now be analysed along with core data and integrated into a revised technical assessment of reservoir gas volumes and deliverability. This assessment will be used to analyse the options for a potential Harvey development.
RNS Number: 8940 L Independent Oil& Gas PLC 11 September 2019 11 September 2019. 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 the Harvey appraisal well 48/ 24 b-6 in the UK Southern North Sea Gas Basin.. The well has reached a total depth of 7,537 ft Measured...
Independent Oil & Gas IOG has announced a successful EUR 100m 5 year senior secured bond issuance this morning which takes the company a long way down the route to finalising the funding for their substantial gas project in the SNS. Callable after three years, which is tactically sensible it being 6-12 months after first gas, this fulfills the major condition for the completion of the farm-out process and should lead to its completion and phase 1 FID imminently. Speaking to the company this morning they are clearly delighted after what has been ‘a monumental year’ and there is now proper sunlight at the end of the tunnel. They are strategically aligned with a blue-chip partner, have drilling underway and can see the project going to phases 1 and 2 without further need for further funding. Whilst gas prices this year have been rather on the low side the longer term strip is still very positive and have clearly not worried the investors in the bond. My other worry about the high equity stake held by the London Group administrator also looks to be overdone as with an orderly market arrangement in place and conversion tightly controlled it should be a stable relationship.
RNS Number: 5834 L Independent Oil& Gas PLC 09 September 2019 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN.. Independent Oil and Gas plc, the development and production company focused on becoming a substantial UK gas producer, is pleased to confirm the successful arrangement of a EUR100 million 5-...
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.
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