Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Debt raised at a premium to the share price. Love it
17 August 2018 Independent Oil and Gas plc Harvey Appraisal Well Funding Independent Oil and Gas plc ("IOG" or the "Company"), the development and production focused Oil and Gas Company, is pleased to announce the proposed funding of its 100% owned and operated high-impact Harvey appraisal well and updates on preparations for spudding the well in Q4 2018. Highlights · Non-binding term sheet for a new non-convertible loan facility ("Harvey Facility") signed with London Oil and Gas Limited ("LOG") of £15 million, principally to fund the upcoming Harvey appraisal well. o Proceeds of the Harvey Facility to also fund other costs in the run-up to IOG's gas development project sanction, including full repayment of final remaining Skipper liabilities. o Loan will carry an interest rate of LIBOR+9% per annum; o The Company would also issue 20,000,000 warrants exercisable at 32.18p, a 10% premium to the closing price of IOG shares on 16 August 2018. · Advanced preparation work is ongoing on the Harvey appraisal well, targeting spudding in December 2018. · The well aims to prove gas across the entire Harvey structure. The November 2017 Harvey CPR estimates Low/Mid/High resources of 45/114/286 BCF with a 50% Geological Chance of Success. · Harvey area 3D-seismic reprocessing is complete, already fulfilling the 30th Licensing Round commitment. Seismic reinterpretation and remapping is expected to conclude in August 2018. · Well management, rig and services discussions are very well advanced, with contracts to be agreed in coming weeks, further details of which will be announced once signed. · The Harvey appraisal well lies in close proximity to IOG's 100% owned Thames pipeline and on success any gas produced would be exported via the pipeline. Andrew Hockey, CEO of IOG commented: "A successful Harvey appraisal well could nearly double the proven reserves in our Southern North Sea gas portfolio in the high case of 286 BCF, which the Board of IOG considers to be a reasonably likely outcome. The 114 BCF mid-case result would still make it our largest gas asset, significantly enhancing the Company's value. This would enable a fast-track Harvey development to follow in direct continuation from Phase 1 of the development of our proven gas assets at the Blythe Hub and Vulcan Satellites Hub, which is approaching Final Investment Decision ("FID"). A Harvey development would benefit from very strong synergies with our imminent development project, which would also ensure a healthy economic value for Harvey even in the 44 BCF low case appraisal result. The re-interpretation of the reprocessed 3D seismic to Pre-Stack Depth Migration ("PSDM"), to be completed very shortly, will further de-risk the appraisal well. Being fully funded for the Harvey appraisal well, with its excellent ris
Good to see a positive report from him on IOG. Independent Oil & Gas I spent some more time with Andrew Hockey, CEO and James Chance, CFO last week as news from IOG is coming thick and fast. The news on the pipeline is good, apart from some minor testing there should be no further need for lengthy pigging and the efficient hub strategy that we have heard so much about over the years appears to be nearing significantly. As a reminder, IOG has the Vulcan Satellites and Blythe hubs which have 248 BCF of 2P gas reserves and 55 BCF respectively and appraisal assets at Harvey and Goddard in the SNS portfolio all 100% owned and operated by the company. The next few months are critical as they bring with them not just the FID target in Q3 but also project funding expected in the same time-frame. First gas is expected in Q4 2019 with a production peak of >200 MMcfd and intended to be a highly cash generative portfolio. With gas prices at around 50p/therm on the forward NBP curve but with exceptional swings (190p/therm this February) UK gas fundamentals are very much in favour of such a policy and with Vulcan break-even price at 26p/therm and Blythe at 23p/therm there seems to be every opportunity for this strategy to succeed. In terms of financing there will have to be a coordinated package put together unlike anything IOG has done before, up until now they have been strongly supported by the London Group but now they will have to access capital markets which to be honest should be more than possible given such project economics. Andrew Hockey has agreed to be interviewed on Core Finance which I hope to arrange this month, in the meantime all is to play for and it is worth reminding investors that Fiona MacAulay, CEO of Echo Energy has recently joined as a non-executive director.
I do like IOG when they quote price targets as they always exceedf them! Last one was 19p and look where we are now. Sure we came out top on that one.
RNS Number : 9438V Independent Oil & Gas PLC 27 July 2018 27 July 2018 Independent Oil and Gas plc Award of Long-Term Incentive Plan Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that Mark Hughes, a Director and the Company's Chief Operating Officer has been awarded options over Ordinary Shares in the Company pursuant to the Company's Long-Term Incentive Plan ("LTIP") policy. Long Term Incentive Plan Pursuant to the LTIP policy adopted by the Company at the time of AIM admission in 2013, the Company has today awarded LTIP options to Mark Hughes, Chief Operating Officer to incentivise him to deliver growth in the IOG share price over the next three years. Apart from the target exercise prices, the Performance Conditions which must be satisfied before the options may be exercised are that the option holder must deliver, measure, control and manage, at all times, a health and safety statement and policy, an environmental management statement and policy and a proactive, Group-wide health, safety and environment focused culture. The number of options granted by date, the target exercise prices, the expiry dates and the approximate premiums to the closing IOG share price on 25 July 2018 (29.25p) are detailed below. Mark Hughes, COO Number of Shares under Option Date of Grant Exercise Price Premium to closing price on 25 July 2018 Expiry date of Service Period Expiry date of Option Period 1 1,000,000 27 July 2018 £0.35 19% 27 July 2021 27 July 2028 2 1,000,000 27 July 2019 £0.45 53% 27 July 2022 27 July 2029 3 1,000,000 27 July 2020 £0.50 69% 27 July 2023 27 July 2030 A total of 1,000,000 new LTIP Options have been issued today, with an exercise price of 35p each which represents 0.81% per cent of the Company's current issued share capital. As a result of this award and the LTIP awards announced on the 1 March 2018, a further 7,200,000 new LTIP Options are to be awarded to the executive management team over the next three years which represents 5.83% per cent of the Company's current issued share capital. This is in addition to the 2,600,000 LTIP options awarded to the CEO and the CFO on 1 March 2018 which represents 2.11% per cent of the Company's current issued share capital. Mark Routh, Chairman of IOG commented: - "I am pleased to incentivise Mark Hughes who joined IOG in April this year as he delivers in his key operational role with the Company's SNS development project. The LTIP policy ensures that the executive management team continues to preside over a proactive Group-wide health, safety and environment focused culture and to deliver share price growth for all our shareholders and stakeholders over the coming years." -ENDS- The informati
Malcys blog below. Looking forward to his next update after meeting IOG next week.
Independent Oil & Gas
IOG has updated on the Thames pipeline integrity confirmation, analysis shows that 60km of the offshore sector indicates that the pipeline condition is ‘as new’. The company are now completing this integrity test by inspecting the Bacton end of the line in the coming weeks.
As a result of these tests the company are now not going to do the intelligent pigging until first gas although given that the last test was ‘inconclusive’ it will surely need to be done. I imagine that doing it all when the extra 7km has been added is where the cost savings lie given the nature of the process. Finally there has been a small delay in the FID which is now expected at the end of September. I am meeting with the team next week so will update more after that.
I labelled it as leveraging lol. In my case fortune rewarded the foolhardy.
GG, I'm not going to lie. Part of my investment in IOG was funded by 0% credit cards as I decided to plough more in here rather than clear them being interest free. (not a recommended trading strategy . . .). With interest rates so low, I also decided to take a punt in penny stocks rather than over pay the mortgage. Hitting the 100% gain, it was sensible in my circumstance to top slice, clear those credit cards, and take a bit off the mortgage. I will look to jump back in (not today & haven't tried), as I truly believe in the story, but I have been over committed for the last two years. Due to the industry I work in, trading is severely restricted and it was a battle to get permission to sell out as it was. We also have to hold positions for a minimum of 60 days. As per other posters, Id like to thank you for reassuring us novices through the quiet and dark days. Open question to anyone open to make an educated guess-: best guess and assuming the pipe is good, how quickly could that be turned into a revenue generator via tariffs to export other companies gas? Im assuming before we get our fields into production or is that wrong? I know its not that straight forward which is why I thought id ask out of interest.
Hi Pijoe1212. I am quoting an official RNS with regards to Peter, you can access the full RNS via page two on the IOG live RNS button above. Directorate Change Tue, 21st Mar 2017 07:00 RNS Number : 0123A issued on 21 March 2017 "Peter Young leaves the board and takes up a new role as Head of Business Origination" As I announced my top slice yesterday afternoon, I am delighted to see a drop today, offering my the chance to reinvest at a lower price. And I'm not deramping as I still left about 60% of my holding in here when I top sliced yesterday.
Assuming your getting no quote available online, its normally because there aren't any orders to take up your shares, too much volatility for your broker to quote or your order is too large. Best advice is call the broker and they should be able to get you a sell order through, just expect it to be lower than the quoted price though.
I top sliced today and its been in correctly reported as a buy. 14-Jun-18 15:37:44 31.50 61,000 Buy* 30.70 31.50 19.22k
As I said earlier this morning that 4m buy had to generate a disclosure and it has. All done by the book and Burggraben Holding AG now hold over 10% of the company. Wow what a month folks.
Has to be an RNS on the back of that trade as its 3%
Breather is not the accurate word for trading today Time / date Buy / sell Volume Price Value 10:04 - 14/06 Buy 4000000 31.00p £1,240,000.00
Date TimeTrade Prc Volume Buy/Sell Bid Ask Value 13-Jun-180 8:34:11 25.20 450,000 Buy* 24.70 25.50 113.40k wow
So many upbeat updates in this mornings RNS. The market really hasn't taken this on board as yet. Cherry picking comments from today RNS "pipeline is in extremely good condition." "Two successful pipeline pressure tests have confirmed pipeline integrity" "visual inspection showed them to be in extremely good condition, with very little evidence of corrosion or wall thickness degradation" "significant further evidence of pipeline integrity." "all stakeholders including contractors and funders are fully satisfied as to its reuse". Suggests some funding could be lined up subject to pipeline already. "Hydrotesting .... The success of this test provides strong further evidence that the pipeline is fit for purpose for IOG's needs." "IOG's management very strong confidence in the pipeline's condition" "export IOG's extensive Southern North Sea gas portfolio, which contains 303 BCF of 2P gas reserves across five proven fields, plus further development and appraisal assets" Andrew Hockey quotes "very pleased with the two successful pressure tests, several pig runs in both directions through the line, and the excellent condition of the sections extracted to shore as shown in the attached images" "Finally, we are pleased to have progressed both of our 2018 offshore operational programmes with no safety or Lost Time Incidents."
Independent Oil & Gas An update on �intelligent pigging� and offshore surveys programmes from IOG this morning as they progress on the Thames pipeline. Initial work shows that the pipeline is in good condition and two pipeline pressure tests have confirmed its integrity. Unfortunately the intelligent pigging run gathered �insufficient data� so clearly wasn�t quite as intelligent as it was made out to be and will need a second run which might take another 6 weeks to complete. This will have delayed the process but assuming the second run achieves its data satisfactorily all will continue with IOG�s plan to move ahead with the FDP plans for the Bythe and Vulcan hubs that I wrote about recently. Finalising the pipeline should ultimately connect Bacton to the company�s 303 BCF of 2P gas reserves with all the upside in the area.
Is it not GE that are guaranteed 19p regardless of the sale price. Anything above helps clear the debt quicker and anything below 19p IOG make up the difference, which is why they are limited to selling 2.5m a quarter? Anyhow any blue is a welcome site.
Thanks to tidal wave of blue this week (long overdue), we (IOG) are now in the cosy position, benefitting from circa 15% return from any contractor selling. Just gets better and better . . After the pipeline integrity confirmation we can call on contractor selling as a revenue stream with the 'potential' further gains lol
And as predicted we have a big player announced. Burggraben Holding AG with 6.294m shares circa 5% as of yesterday.