16 Aug 2018
Issue of New Shares 16 August 2018Independent Oil and Gas plc (â€˜IOGâ€™ or the â€˜Company) (AIM: IOG.L), the development and production focused oil and gas company, has today issued a total of 1,093,870 ordinary shares (â€˜New Ordinary Sharesâ€™) in the capital of the Company.
Notices have been submitted by two current contractors to the Company who have sacrificed 100% of their fees into options, to exercise 1,093,870 1p options over Ordinary Shares awarded to them, pursuant to share option agreements dated between 30 September 2013 and 15 March 2018.
The Company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trade on AIM (â€˜Admissionâ€™). Admission is expected to occur on 22 August 2018. Following Admission there will be 126,491,226 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 FCAâ€™s Disclosure and Transparency Rules.
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
|Independent Oil and Gas plc
Andrew Hockey (CEO)
James Chance (CFO)
|+44 (0) 20 3879 0510|
Christopher Raggett / Anthony Adams
|+44 (0) 20 7220 0500|
Georgia Edmonds / Tom Huddart / Monique Perks
|+44 (0) 20 3757 4980|
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 in excess of 200 MMcfd (c. 35,000 Boe/d) from its substantial current portfolio (2P Reserves of 303 bcf) via an efficient hub strategy. Alongside this it continues to pursue value accretive acquisitions, to generate significant shareholder returns. All IOG's licences are owned 100% and operated by IOG.
Further information can be found on www.independentoilandgas.com