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UPDATE: RockRose Energy Withdraws Offer For Independent Oil & Gas

Mon, 01st Apr 2019 17:23

LONDON (Alliance News) - RockRose Energy PLC said Monday it has withdrawn its debt offer and share offer to Independent Oil & Gas PLC following the Independent O&G share placing earlier.

Independent O&G raised GBP16.6 million through a placing of 165.8 million shares at 10 pence per share to fund the drilling of an appraisal well. Alongside the fundraising, the company said it also intends to restructure its arrangements with London Oil & Gas Ltd, which is currently in administration.

In March, RockRose offered to buy Independent O&G's debt owed to London Oil & Gas for GBP40.0 million in cash.

Independent O&G announced Monday, the 12 months of GBP7.1 million debt service due to London Oil & Gas over the course of 2019 will be rescheduled and GBP1.6 million of interest due from London Oil & Gas's existing debt will be converted into shares.

Furthermore, the maturity date on warrants to subscribe for 7.5 million shares at a strike price of 9p per share and 5.8 million shares at a strike price of 11.9p per share will be extended by 12 months. The warrants were granted to London Oil & Gas in 2015 as part of a loan agreement.

As a result, RockRose has withdrawn its offer to purchase the debt.

Before offering to buy Independent O&G's debt, RockRose also made a formal approach to possibly buy Independent O&G in a GBP27 million cash deal. The deal was rejected by Independent O&G.

The possible offer was priced at 20 pence per share, double the price of Monday's share placing, and valued IOG at GBP26.6 million. RockRose explained it would fund any possible deal through its existing cash resources.

RockRose said: "The board of RockRose continues to believe that RockRose's offer to both equity and debt holders in IOG was compelling and in the interests of both RockRose shareholders and the LCF mini bondholders. The board of RockRose fails to understand how the proposed fundraise, alteration of debt terms and the rejection of the possible IOG share offer and firm IOG debt offer are in the best interests of the IOG shareholders and LCF mini bond holders, respectively."

Shares in RockRose Energy are currently suspended, last quoted at 815p each. Independent O&G closed down 31% at 11.90p.

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23 May 2022 10:59

AIM WINNERS & LOSERS: Ince profit warning; more IOG Saturn Banks woes

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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23 May 2022 10:55

IOG production at Saturn Banks halted as fault found at terminal

(Alliance News) - Shares in IOG PLC fell on Monday as the company reported another challenge for its Saturn Banks site.

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3 May 2022 15:59

IN BRIEF: IOG oil and gas production steady at Blythe and Elgood

IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Says production at Blythe and Elgood is stabilising, with 55 million to 66 million standard cubic feet per day of gas, and 800 to 1,000 barrels of oil condensate per day. Uptime rates are steadily improving, it adds.

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26 Apr 2022 16:02

UK shareholder meetings calendar - next 7 days

Wednesday 27 April 
Drax Group PLCAGM
EP Global Opportunities Trust PLCAGM
Global Invacom Group LtdAGM
Hutchmed (China) LtdAGM
London Stock Exchange Group PLCAGM
McKay Securities PLCGM re Workspace offer
Nichols PLCAGM
Persimmon PLCAGM
Primary Health Properties PLCAGM
VH Global Sustainable Energy Opportunities PLCAGM
Thursday 28 April 
Admiral Group PLCAGM
Aptitude Software Group PLCAGM
AQRU PLCAGM
Arden Parnters PLCAGM
Breedon Group PLCAGM
British American Tobacco PLCAGM
CLS Holdings PLCAGM
CRH PLCAGM
Dalata Hotel Group PLCAGM
Devro PLCAGM
Flutter Entertainment PLCAGM
Glencore PLCAGM
Glenveagh Properties PLCAGM
Grafton Group PLCAGM
Greencoat UK Wind PLCAGM
Hammerson PLCAGM
Helios Towers PLCAGM
HICL Infrastructure PLCAGM
Honye Financial Services LtdAGM
Internatinal Personal Finance PLCAGM
Investec PLCAGM
ITV PLCAGM
Kerry Group PLCAGM
Marshalls PLCAGM
Natwest Group PLCAGM
Premier Miton Global Renewables Trust PLCAGM
Robert Walters PLCAGM
Schroders PLCAGM
Serco Group PLCAGM
Synthomer PLCAGM
Weir Group PLCAGM
Yamana Gold IncAGM
Friday 29 April  
ADVFN PLCGM re director appointments
AstraZeneca PLCAGM
BBGI Global Infrastructure SAAGM
GreenCoat Renewables PLCAGM
Holders Technology PLCAGM
HSBC Holdings PLCAGM
JPMorgan Claverhouse Investment Trust PLCAGM
Kingspan Group PLCAGM
Minoan Group PLCAGM
Nostrum Oil & Gas PLCGM - re notes restructuring
Pearson PLCAGM
Photo-Me International PLCAGM
Rotork PLCAGM
Smurfit Kappa Group PLCAGM
Travis Perkins PLCAGM
Monday 2 May 
no events scheduled 
Tuesday 3 May 
AVI Japan Opportunity Trust PLCAGM
CPPGroup PLCAGM
F&C Investment Trust PLCAGM
IOG PLCAGM
Plus500 LtdAGM
Smithson Investment Trust PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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13 Apr 2022 19:46

TRADING UPDATES: McKay backs Workspace offer; IOG fixes Blythe fault

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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4 Apr 2022 11:27

IN BRIEF: IOG says fixing Blythe fault to take longer than expected

IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Says fault at Blythe well is not yet solved, and will require "additional process and safety studies and procurement of materials" before the solution can be implemented. The fault is a mechanical issue on the Blythe topsides and does not affect the Blythe reservoir, IOG notes.

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17 Mar 2022 11:55

TRADING UPDATES: Portmeirion restores dividend; Empresaria in profit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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16 Mar 2022 13:56

IN BRIEF: IOG confirms first gas from second site at Saturn Banks

IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Announces first gas from the Elgood field at its Saturn Banks project. This follows first gas from the Blythe well announced on Monday. Will assess initial flow rates once stable production is established at both sites. Annual production guidance will follow in some months as it analyses resevoir performance data.

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16 Mar 2022 10:02

IOG achieves first gas at Elgood and Blythe

(Sharecast News) - UK gas and infrastructure operator IOG announced first gas from the Elgood field in the southern North Sea on Wednesday - part of the first phase of its Saturn Banks Project.

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14 Mar 2022 19:43

TRADING UPDATES: IOG's first gas at Saturn Banks; Oriole spots gold

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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11 Mar 2022 18:07

IN BRIEF: IOG signs gas sales agreement with BP Gas Marketing

IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Signs new sales agreement with BP Gas Marketing Ltd, which covers its equity gas from all of the Saturn Banks phase one fields, as well the Nailsworth and Elland fields in phase two.

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4 Mar 2022 20:53

TRADING UPDATES: IOG to cut Gazprom ties; wholesale changes at Donegal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:

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25 Jan 2022 19:12

TRADING UPDATES: Cordiant raises GBP200 million; Home REIT spends

TRADING UPDATES: Cordiant raises GBP200 million; Home REIT spends

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10 Jan 2022 12:13

IN BRIEF: IOG rig relocated due to issues with seabed conditions

IN BRIEF: IOG rig relocated due to issues with seabed conditions

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10 Jan 2022 09:39

IOG to temporarily relocate Hans Deul rig as seabed conditions compromise stability

(Sharecast News) - UK gas and infrastructure operator IOG said on Monday that drilling operations had continued at its Southwark asset since the first development well was spudded on 30 December but cautioned that the Noble Hans Deul rig had experienced "an increasing challenge", with seabed conditions that could compromise rig stability.

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