11 Nov 2020 12:08
11 November 2020
Independent Oil and Gas plc
Board and Management Change
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, announces that its Chief Operating Officer, Mark Hughes, is retiring for health reasons after a career spanning more than 40 years with Shell, Lasmo, Gaz de France, RWE Dea UK, INEOS Breagh and latterly IOG.
Andrew Hockey, CEO of IOG, commented:
"Since he joined IOG in April 2018, Mark has played a key role in its development, guiding the Phase 1 project through the first year of implementation since Final Investment Decision and delivering the Company's first approved Field Development Plan. He has also been instrumental in recruiting and overseeing the experienced development and subsurface teams that are executing Phase 1 as well as planning future phases of growth.
Although Mark has resigned as a director and stepped down as COO with immediate effect, he has agreed to continue to be available in an advisory role as needed to ensure a smooth transition. The selection process for his successor has started and we expect to appoint a new COO in due course. We have an experienced team in place covering all the key disciplines and I have every confidence that they will continue to deliver Phase 1 as planned.
We wish Mark the very best in his future retirement and are extremely grateful for all his dedication and expertise over recent years, which have helped to lay the foundations for IOG to become a successful UK operator and material gas producer."
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas plc Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Corporate Finance & IR)
| +44 (0) 20 7036 1400 |
finnCap Ltd Christopher Raggett Simon Hicks
| +44 (0) 20 7220 0500 |
Peel Hunt LLP Richard Crichton David McKeown
| +44 (0) 20 7418 8900 |
Vigo Communications Patrick d'Ancona Chris McMahon Simon Woods
| +44 (0) 20 7390 0230 |
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 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and continues to pursue value accretive acquisitions to generate significant shareholder returns. In September 2020 IOG was also offered four further Southern North Sea blocks adjacent to its existing portfolio which it had applied for in the 32nd Offshore Licensing Round.
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