IOG.L Regulatory News (IOG)

8 February 2021

Independent Oil and Gas plc

Appointment of new Chief Operating Officer

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the UK gas company targeting high returns via an infrastructure-led hub strategy, is pleased to announce that it has appointed David Gibson as its new Chief Operating Officer (COO), effective today.

David has extensive relevant North Sea engineering and project management experience over a near 30-year energy industry career, culminating in a number of executive management positions over the past decade. Having started his industry career at Foster Wheeler Wood Group and Amec, he spent 15 years at Marathon Oil UK Ltd before moving to TAQA Bratani, where he was Technical Director until 2019. Most recently he was with Ithaca Energy, where he led the integration of the North Sea assets acquired for $2 billion from Chevron and subsequently was appointed Assets Director. In these roles he has been responsible for the development and execution of a diverse set of business plans, successfully bringing an increased focus on safe, environmentally responsible and economically sustainable operations. He has built and led effective teams to deliver multiple successful projects in a range of market conditions. A Chartered Engineer and Fellow of the Institution of Chemical Engineers, he spent a decade at the Royal Air Force before moving into the energy industry.

David's appointment as COO, which is not initially intended to be a board position, follows an extensive and thorough search process managed by a leading sector-focused executive search firm, Preng & Associates, which covered a diverse range of candidates. It also enables Rupert Newall to step back from his Interim Project Director role and continue in his permanent role as Chief Financial Officer.

Andrew Hockey, CEO of IOG, commented: 

"We are delighted to welcome David to lead the operating team at IOG where he will be a key contributor in successfully delivering on our ambition to be a safe, efficient, low-carbon developer and producer of high-value gas. In so doing he will build on strong existing foundations and I thank our CFO Rupert Newall for fulfilling the Interim Project Director role very effectively over recent months.

David joins the company at an exciting time with Phase 1 construction in full swing and development drilling expected to start in around two months, targeting first gas in Q3 this year. Supported by an excellent team already in place across all disciplines, David will be able to hit the ground running and I have no doubt he will have a very positive impact across our business."

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About IOG:

IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe² at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 21 Bcfe at Harvey. In December 2020 IOG also accepted a 50% operated stake in Licence P2589, containing the Panther and Grafton gas discoveries with management estimated 46 Bcfe and 35 Bcfe respectively. In addition IOG continues to pursue value accretive acquisitions to help generate significant shareholder returns.

1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression

2ERC Equipoise Competent Persons Report: October 2018