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IOG shares suspended as places itself in administration

Thu, 28th Sep 2023 17:14

(Alliance News) - IOG PLC shares were suspended from trading on AIM on Thursday, after it said it will be placed into administration.

The London-based, UK-focused gas developer and producer said it will be placed into administration in order "to preserve the value of the business for creditors."

In light of this, IOG requested a suspension of trading in its shares on AIM. The shares were suspended at 0.93 pence each on Thursday afternoon.

IOG noted that its interim results for the six months ending June 30 will not be released.

Chair Esa Ikaheimonen said: "The board are extremely disappointed to draw this unavoidable conclusion, having worked exhaustively to overcome the company's financial circumstances. We have not found a viable solution that would provide a return to shareholders. We regret the impact this outcome will have on our many stakeholders."

By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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IN BRIEF: IOG hails higher revenues in July and August on gas prices

IOG PLC - North Sea-focused gas and infrastructure operator - Last Friday, issued production update on Saturn Banks, in UK sector of North Sea. Over second half of 2022 to September 30, average gross gas rates stood at 28.6 million standard cubic feet per day with an average realised gas price of 274 pence per therm. However, in June it said it expected up to 54 million. The prices resulted in "higher revenues in both July and August than previous months," IOG says. Meanwhile, saline liquids production in September was on average 21.8 million, albeit with latest rates being 32 million.

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IN BRIEF: IOG restores output levels, progresses Southwark drilling

IOG PLC - North Sea-focused gas and infrastructure operator - Reports production continues to restore as planned at Saturn Banks, now at a gross rate of 55 million cubic feet of gas per day, up from 30 million cubic feet of gas per day at the start of the month. This follows the resolution of the fault at the second recycle compressor in the Bacton terminal condensate stabilisation unit. IOG now expects 45-60 million cubic feet of gas per day on average in the second half of the year.

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