Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Love it another great result December 2017 Independent Oil and Gas plc Successful conclusion to Skipper well creditor discussions Independent Oil and Gas plc ("IOG" or the "Company"), the development and production focused Oil and Gas Company, is pleased to announce that discussions with the creditors for the remaining liabilities relating to the 2016 Skipper well have concluded. The details are as follows: - -- A total of GBP6.78m was due to be settled by 20 December 2017. -- GBP4.47m has been deferred with final payments due either by the end of August 2018 or Field Development Plan Approval for the Company's SNS developments, whichever occurs first. o Interest will accrue at LIBOR + 9%. o The Company may repay early without penalty. -- GBP1.87m of the above total due has been converted into new ordinary shares in IOG at a price of 19p as detailed below. -- The remaining cash element of the settlement will be paid from existing facilities. -- All agreements are commercially settled, final documentation will be finalised shortly. Conversion into Shares -- Baker Hughes, a GE company ("BHGE"), has agreed to convert GBP1.75m of the Skipper debt, plus a fee of GBP0.1m for the foregone interest from conversion, into 9,736,842 new ordinary shares in IOG. -- If BHGE wish to sell these shares they may only do so in an orderly market. This is agreed to mean a maximum of one quarter of the total number of shares issued in each quarterly period in 2018. -- In the event the shares are sold at an average price above 19p, any excess proceeds will be used to pay down any outstanding amount to BHGE or otherwise paid to IOG. If the shares are sold for less than GBP1.85m, IOG will make up the shortfall through the issue of new shares or with cash. -- Should BHGE retain shares under this agreement the price used to calculate any excess or shortfall will be the closing price on 31 December 2018. -- Another creditor has also agreed to convert an outstanding debt of GBP124,320. Including a negotiated conversion fee, the Company has agreed to issue 742,418 new shares to this creditor. -- The orderly market restrictions in this case limit any share sales to one third each month over the first quarter of 2018. -- Should this creditor retain shares under this agreement the price used to calculate any excess or shortfall will be the closing price on 31 March 2018. The Company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trading on AIM ('Admission'). Admission is expected to occur on 29 December 2017 subject to execution of final documentation. Following Admission there will be 120,209,629 Ordinary Shares in issue. Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules. M
Re the below RNS 'extract' was taken from the beginning of the year, really don't want to be diluting shares at this level. Clarification of this debt overhang should really boost the price. Hopefully the debtors will buy into the gas play and finance raised due early next year. Skipper Update The total cost of the Skipper appraisal well drilled in July/August 2016 was £10 million. As previously announced this has been part financed via loans and deferred payments which are due to be repaid at the end of 2017. The total loans and deferred payments drawn for this purpose was approximately £6.8 million and approximately £3.2 million has been paid in cash or shares. In line with IOG's business plan, the intention is to refinance or repay these loans in parallel with securing development funding for some or all of our SNS gas assets in 2017.
40k of shares from a previous contractor agreement and 12 month extension to blyth.
tax break for transfers of North Sea oil and gas fields. Hammond calls it "an innovative tax policy that will encourage new entrants to bring fresh investment to a basin that still holds up to 20 billion barrels of oil". Time for an acquisition . .
Wow some deal for SQZ and a lot of similarities. Also funny to see Flabby on that board moaning he missed it lol. On the other thread I posted relating to the bbc news link. I'll drop Ineos a line see if they fancy offering �1 per IOG share.
No direct link to IOG, but with no volume today here's a link to further new investment in the North Sea which is always good to see. http://www.bbc.co.uk/news/business-42060090
Thanks all for pointing out Malcys podcast, I missed that one. Good to hear Malcy back on side and sounding like a believer! Thank you LOG for your continued support.
Longside / GGITS; Double or quits is getting serious! How about a wager around the Skipper debt renegotiations for the skipper well payments due end of 2017 and how the board are going to reschedule the debt? Extract taken from the 16 January 2017 RNS �Skipper Update The Company has received further results from the analysis of the oil samples retrieved from the Skipper appraisal well drilled in July/August last year. The oil has a high density of approximately 11 �API, a high viscosity and a high Total Acid Number. However, the Skipper oil is mobile in the very high permeability reservoir and is also mobile at ambient conditions thanks to its very low wax content. The Company is undertaking further technical and commercial evaluation, in particular building a reservoir model to simulate the oil's mobility in the reservoir. If a field development plan can be designed to enable the economic extraction of oil from the Skipper field, the oil properties will present a challenge for refining and marketability. Depending on where and when the oil is sold, the Company anticipates the crude would trade at a significant discount to the prevailing quoted Brent oil price. The total cost of the Skipper appraisal well drilled in July/August 2016 was �10 million. As previously announced this has been part financed via loans and deferred payments which are due to be repaid at the end of 2017. The total loans and deferred payments drawn for this purpose was approximately �6.8 million and approximately �3.2 million has been paid in cash or shares. In line with IOG's business plan, the intention is to refinance or repay these loans in parallel with securing development funding for some or all of our SNS gas assets in 2017.�
So very roughly, Harvey is about 114BCF appraisal date to be confirmed but at 114BCF that's about a 33% uplift to total reserves and the biggest single field in the portfolio?
Anyone able to clarify if it's 2c or 2p? A certain wager is due to be settled on the back of this news for the major sum of 50p heading to a lucky recipient . . .
RNS Number : 3339V Independent Oil & Gas PLC 02 November 2017 2 November 2017 Independent Oil and Gas plc Significant Prospective Resources Confirmed and Well Committed at Harvey Independent Oil and Gas plc ("IOG" or the "Company"), the development and production focused Oil and Gas Company, is pleased to announce its commitment to drill an appraisal well on Harvey and the results of a Competent Person's Report ("CPR") on the Harvey licence by ERC Equipoise Limited ("ERCE"). Highlights: -- CPR confirms gross mid-case unrisked prospective gas resources for the Harvey structure of 114 BCF, in line with management estimates o Minimum 45 BCF, most likely 114 BCF, maximum 286 BCF gross unrisked prospective gas resources on the Harvey structure o Most likely 90 BCF on the Harvey structure licensed 100 per cent by IOG o CPR assesses geological chance of success at 50% o Plans underway to licence all Harvey resources -- Firm commitment made to the Oil and Gas Authority ("OGA") to drill an appraisal well on Harvey within 2 years -- CPR Executive Summary and updated corporate presentation on IOG website Harvey Overview: Harvey lies directly between IOG's Blythe and Vulcan Satellites hubs. Upon successful appraisal, Harvey gas could be exported via the nearby Thames Pipeline, in line with IOG's hub strategy. The CPR states that the Harvey structure lies up-dip of a well drilled in 1984 on the west flank of the structure that may have encountered a gas column of 30 ft in the Leman sandstone. An appraisal well is required to clarify the up-dip potential of the Harvey structure. Accordingly, IOG has committed to drilling an appraisal well on the Harvey structure by 20(th) December 2019. This is subject to acceptance and a licence extension by the OGA. Subject to successful appraisal, IOG would request the OGA to determine the Harvey licence area to include the full structure. IOG's intention would then be to fast-track Harvey into development, exporting the gas via the recommissioned Thames Pipeline. A Harvey development would be likely to have significant economic synergies with IOG's two nearby gas hubs. A copy of the CPR executive summary and an updated corporate presentation are available on the IOG website: - http://www.independentoilandgas.com/ Mark Routh, CEO and Interim Chairman of IOG commented: "It is very encouraging that the prospective resources in the Harvey structure have been independently confirmed to be in line with management estimates. The down-dip well demonstrated the presence of gas in the system and the presence of good reservoir quality in the Harvey area. This makes the maximum case of recoverable gas a compelling target and in that context, we are very excited to commit to the appraisal well. If we proved up the most likely gross resource number, Harvey would be the largest field in our gas portfolio and its economics would be significantly value accret
Finncap have reiterated their IOG target price of 123p this morning with a Corporate rating. That's almost 5 times the current price.
Your wish has been granted. On time and track gg Independent Oil & Gas PLC 31 October 2017 31 October 2017 Independent Oil and Gas plc Vulcan Satellites FDP Submission Independent Oil and Gas plc ("IOG" or the "Company"), the development and production focused Oil and Gas Company, is pleased to announce that it has submitted the Field Development Plan ("FDP") for the Vulcan Satellites hub development to the UK Oil and Gas Authority ("OGA"). Highlights: -- Three-field hub development with first gas targeted by the end of Q2 2019 alongside first gas from IOG's Blythe hub -- 2P reserves of 248 BCF (44 MMBOE) to be developed at the Vulcan Satellites, alongside the Blythe Hub (Blythe and Elgood 2P reserves of 55 BCF), and subject to a successful appraisal well, the Harvey field -- Peak 2P production from the Vulcan Satellites hub targeted in excess of 150 MMcfd from a total of eight development wells -- Life-of-hub gross revenues expected to exceed GBP1bn based on forward gas prices -- Final Investment Decision targeted at the end of Q1 2018 The Vulcan Satellites FDP covers the three 100%-owned and operated Southern North Sea gas fields recently officially renamed as Southwark, Nailsworth and Elland. The three Vulcan Satellites fields are to be jointly developed with IOG's Blythe hub, for which the FDP was submitted in July 2017. Gas from both hubs is planned to be exported via the recommissioned Thames Pipeline which IOG will also own 100%. IOG has so far announced several contractors for the delivery of the Vulcan Satellites FDP, including Schlumberger, Heerema and ODE, subject to contract. The contractor deferral model continues to be employed by IOG to align all parties to the successful development of the project and to reduce upfront funding requirements. Discussions with rig owners, subsea & pipeline contractors and gas off-takers for the Vulcan Satellites are at an advanced stage. Mark Routh, CEO and Interim Chairman of IOG commented: "It is one year since we concluded the acquisition of the Vulcan Satellites at a very compelling price. Since then, the IOG team has completed extensive work across the portfolio on the seismic reinterpretation, geophysical modelling, dynamic reservoir modelling, development planning and optimal well design and placement in order to deliver this FDP. The alignment of contractors to deliver both the Vulcan Satellites and Blythe gas hubs reflects a new spirit of North Sea collaboration and dovetails with the OGA's Maximising Economic Recovery initiative. We look forward to updating all stakeholders on further progress towards project Final Investment Decision early in 2018." -ENDS- The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014. Enquiries:
Hi David, Smart move transferring into an ISA. Don't trust the buy / sell markers on the trade tab (its best guess based on the spread at the time). Are these your buy & sell (both marked as sells)? 27-Oct-17 11:44:0825.0739,848Sell* 25.0025.25 9,990 27-Oct-17 11:43:5925.0040,004Sell* 25.0025.25 10.00k
GGITS, Thanks for your quality posts again today and I hope the 'ten bob' lands in your grip since your backing the 2P resource. The wager should have been 2 IOG shares so that the winner has 40 bob in the future! Tomorrow the yacht comes out the water, hope I don't miss any news, always nice to see that blue number tick up, but I wont be selling for another year either. I was fortunate enough to sell my convertible in Scotland the other week, so I have no pressure to sell any shares from the boss. I was thinking today, that MR hasn't done any tv interviews recently and normally comes on shortly after a big RNS. Maybe we will see / hear from him after the CPR RNS.
One last look at the charts, 1D, 1W, 1M, 3M, 6m & 1Y all look very strong. Don't want to be out of this one this weekend, this year or next year. To another solid week next week.