09 Apr 2019
Board ChangesTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Independent Oil & Gas plc
("IOG" or the "Company")
Independent Oil & Gas plc announces that further to the establishment of a new Relationship Agreement with London Oil & Gas Limited (in administration) ("LOGâ€) announced on 1 April 2019, Martin Ruscoe and Charles Hendry, will be standing down from the Company's Board following the General Meeting on 23 April, conditional on resolutions, including those relating to the Fundraising and associated elements such as the Relationship Agreement, being passed at that meeting. LOG's Joint Administrators reserve the option to appoint a LOG representative to the Board of IOG at some point in the future.
Charles Hendry, commented:
It has been a privilege to be a Director of IOG over the past two years. In that time, we have seen the company develop its exceptional infrastructure supported asset portfolio, an expert management team and extraordinary potential. As it moves to the next stage in its development, with significant investment from new stakeholders and the ongoing work to realise the inherent value, we have agreed with the administrators that this is the right time for Martin & myself to step aside and let others guide the company's future.
Fiona MacAulay, Chair of the Board commented:
I would like to thank Martin and Charles for all their hard work and support as LOG appointed directors to the Board of IOG. Their contributions have been constructive and supportive particularly in their industry relationships, as the Company has continued to progress its valuable asset base. We wish them both well for the future.
|Independent Oil & Gas plc
Andrew Hockey (CEO)
James Chance (CFO)
Rupert Newall (Head of Corporate Finance)
|+44 (0) 20 3879 0510|
|finnCap Ltd (Nominated Adviser & Joint Broker)
|+44 (0) 20 7220 0500|
|Peel Hunt LLP (Joint Broker)
|+44 (0) 20 7418 8900|
|+44 (0) 20 7390 0230|
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas reserves in the UK Southern North Sea. The Company is targeting a 2P peak production rate of 146 MMCF/d (c. 25,000 Boe/d) from its substantial Core Project (2P gas Reserves of 302 BCFÂ¹ + 2C gas Contingent Resources of 108 BCFÂ²) 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 unrisked prospective gas resources of 202 BCFÂ²,Â³ in Harvey and Goddard. Alongside this IOG continues to pursue value accretive acquisitions to generate significant shareholder returns. All IOG's licences and the Thames Pipeline are owned 100% and operated by IOG.
Â¹ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression
Â²ERC Equipoise Competent Persons Report: October 2018
Â³Updated management estimates based on interpretation and mapping of 3D seismic data reprocessed to Pre-Stack Depth Migration (PSDM) in 2018, subsequent to ERC Equipoise's 2017 Competent Persons Report