24 Feb 2022 16:55
24 February 2022
IOG plc
Issue of Equity
IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and infrastructure operator focused on high return projects, has issued 79,981 ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares"), following the exercise by a former IOG director of the same number of options pursuant to a Salary Sacrifice Share Option agreement (the "Exercise").
The Company has applied to the London Stock Exchange for admission of 79,981 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on 2 March 2022. Following Admission there will be 523,844,193 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 Guidance and Transparency Rules.
Enquiries:
IOG plc Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Capital Markets & ESG)
| +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 Consulting Patrick d'Ancona / Chris McMahon / Oliver Clark
| +44 (0) 20 7390 0230 |
About IOG:
IOG's Saturn Banks Project targets a gross peak production rate of 140 mmscf/d (c. 24,000 Boe/d) from gross 2P gas reserves of 302 Bcfe¹ and management estimated 2C gas Contingent Resources of 132 Bcfe, via an efficient hub strategy based on co-owned infrastructure. In addition to its 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C contingent resources at Goddard, it has management estimated gross 2C contingent resources of 23 Bcfe at Abbeydale and gross unrisked mid-case prospective resources of 36 Bcfe at Kelham North, 42 Bcfe at Kelham Central, 58 Bcfe at Thornbridge, 31 Bcfe at Southsea, 28 Bcfe and 19 Bcfe in the two Goddard flank structures. The Orrell discovery, with management estimated gross 2C contingent resources of 42 Bcfe, also lies approximately 50% on the P2442 licence held 50% by IOG. IOG also holds a 50% operated stake in Licence P2589, containing the Panther and Grafton gas discoveries with management estimated gross mid-case contingent resources of 46 Bcfe and 35 Bcfe respectively. In addition, IOG continues to pursue value accretive acquisitions to help generate further significant shareholder returns.
¹ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression