If you would like to ask our webinar guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksIOG.L Regulatory News (IOG)

  • There is currently no data for IOG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Statement:Joint Administrators to LCF Bondholders

2 Dec 2019 07:00

RNS Number : 2429V
Independent Oil & Gas PLC
02 December 2019
 

2 December 2019

 

Independent Oil & Gas plc

 

Statement by Joint Administrators to LCF Bondholders

 

IOG plc ("IOG" or the "Company"), the development and production company focused on becoming a substantial UK gas producer, has been informed that the Joint Administrators of London Capital & Finance Plc (in administration) ("LCF") issued an update to LCF Bondholders after market close on Friday 29th November 2019.

 

We have been told that the statement will be uploaded later today to https://smithandwilliamson.com/en/services/restructuring-and-recovery-services/london-capital-finance-plc/

 

It is understood that the statement refers to IOG in the following terms:

"Some Bondholders have asked about the value of London Oil & Gas Limited's ('LOG') interest in Independent Oil & Gas plc ('IOG'). As previously explained, the Joint Administrators of LOG will continue to take expert, independent professional advice on a strategy designed to achieve the best outcome for its lender LCF, and hence for the LCF Bondholders, in a reasonable timeframe and in line with the orderly market restrictions. At present, our advice is that the share price is currently at a significant discount to IOG's estimated net asset value. By way of illustration, if LOG were to realise its entire interest in IOG at a share price of 30p, the estimated total recoveries for LOG would be approximately £83m, before costs, while at a share price of 40p the estimated total recoveries would be approximately £106m, before costs. Bondholders should be aware, however, that there can be no certainty as to the return, if any, that will ultimately be achieved."

Andrew Hockey, CEO of IOG, commented:

 

"Since the Joint Administrators of LOG took on what appears to be a very challenging administration process, we have developed a very constructive working relationship with them in order to facilitate their understanding of our business. This recent statement provides some helpful clarity as to the Joint Administrators' approach to their stake in IOG and they understand that the fundamental value is significantly in excess of the current IOG share price. For our part, we at IOG are absolutely focused on ensuring we unlock the significant value within our business for the benefit of all stakeholders.

 

It is also worth reiterating that IOG has already repaid over £17.1 million (including interest) of the aggregate £34.6 million originally borrowed from LOG and a further £12.5 million of the amount originally borrowed has been converted into equity. This represents a significant return of capital to our lender within a short timeframe and is a direct result of having delivered on our stated plans to fully fund our Core Project."

 

Enquiries:

Independent Oil and Gas plc +44 (0) 20 3879 0510

Andrew Hockey (CEO)

Rupert Newall (CFO)

James Chance (Head of Corporate Finance & IR)

 

finnCap Ltd +44 (0) 20 7220 0500

Christopher Raggett, Simon Hicks (Corporate Finance)

Camille Gochez (Corporate Broking)

 

Peel Hunt LLP +44 (0) 20 7418 8900

Richard Crichton

David McKeown

 

Vigo Communications +44 (0) 20 7390 0230

Patrick d'Ancona

Chris McMahon

Simon Woods

 

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 and is in the process of updating its management estimate of gas resources at Harvey. Alongside this IOG continues to pursue value accretive acquisitions to 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCEADAFEFPNFAF
Date   Source Headline
13th Nov 20237:00 amRNSCancellation - IOG PLC
11th Oct 20236:00 pmRNSIOG
11th Oct 202311:40 amRNSAppointment of Administrators
28th Sep 20232:10 pmRNSIntent to Appoint Administrators &Share Suspension
28th Sep 20232:10 pmRNSSuspension - IOG plc
13th Sep 20237:00 amRNSOperational & Corporate Update
3rd Aug 20231:52 pmRNSApproval of Bond Waiver
2nd Aug 20232:47 pmRNSProposed Bond Waiver
31st Jul 202310:00 amRNSBondholder discussions
12th Jul 20237:00 amRNSHalf-Year Operational Update
26th Jun 20237:00 amRNSSuccessful Blythe H2 Intervention
22nd Jun 20239:34 amRNSApproval of short-term Bond amendments
16th Jun 20234:53 pmRNSProposed short-term Bond amendments
16th Jun 202311:10 amRNSUpdate on bond discussions
13th Jun 20237:00 amRNSBlythe H2 First Gas
7th Jun 20237:00 amRNSCorporate Update
15th May 20237:00 amRNSOperational Update
2nd May 20232:49 pmRNSResult of AGM
2nd May 20237:00 amRNSCorporate and Operational Update
25th Apr 20237:00 amRNSAppointment of Independent Non-Executive Director
24th Apr 20237:00 amRNSNotice of AGM
18th Apr 20237:12 amRNSDrilling Update
17th Mar 20231:52 pmRNSDirector/PDMR Shareholding
17th Mar 20237:00 amRNSAward of Long-Term Incentive Options
16th Mar 20237:00 amRNSFinal Results for the Year Ended 31 December 2022
6th Mar 20237:00 amRNSBlythe H2 well spud
3rd Mar 202310:00 amRNSFY2022 Reserves and Resources Update
24th Feb 20237:00 amRNSBoard Changes
13th Feb 20237:00 amRNS2023 Operational Update
8th Feb 20232:26 pmRNSTR-1: Notification of major holdings
7th Feb 202312:50 pmRNSTR-1: Notification of major holdings
7th Feb 202312:08 pmRNSTR-1: Notification of major holdings
7th Feb 20239:00 amRNSPrice Monitoring Extension
6th Feb 20237:00 amRNSSouthwark update
27th Jan 20239:06 amRNSSecond Price Monitoring Extn
27th Jan 20239:00 amRNSPrice Monitoring Extension
25th Jan 20237:00 amRNSCorporate update
19th Jan 20231:55 pmRNSTR-1: Notification of major holdings
18th Jan 202311:05 amRNSSecond Price Monitoring Extn
18th Jan 202311:00 amRNSPrice Monitoring Extension
18th Jan 20237:00 amRNSSouthwark update
22nd Dec 20227:00 amRNSOperational update
29th Nov 20222:27 pmRNSTR-1: Notification of major holdings
28th Nov 202211:06 amRNSSecond Price Monitoring Extn
28th Nov 202211:00 amRNSPrice Monitoring Extension
25th Nov 20229:05 amRNSSecond Price Monitoring Extn
25th Nov 20229:00 amRNSPrice Monitoring Extension
25th Nov 20227:00 amRNSSaturn Banks production restart
11th Nov 202210:58 amRNSBoard change and grant of LTIP Options
11th Nov 20227:00 amRNSPhase1 operational update & corporate presentation

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.