17 Oct 2013
Share Price Movement
The Board of Independent Oil and Gas plc ("IOG" or the "Company")(AIM:IOG.L), the North Sea focused Oil and Gas Company, is pleased to note the recent rise in the Company's share price but can confirm that it is not aware of any reason for such a movement.
As was highlighted in the Company's AIM admission document, the Board is awaiting news on the progress of the sale of the Company's partner ATP Oil & Gas (UK) Limited ("ATP UK"). The Company notes that the current US Court process relating to the sale of certain assets of ATP Oil & Gas Corporation (the parent company of ATP UK) does not include the shares of our partner ATP UK.
The Board understands that the sale process for ATP UK is continuing and an update will be provided as soon as possible on the timings of the process.
About Independent Oil & Gas:
IOG is an oil & gas company with established assets focused on the UK North Sea. The company’s strategy is to deliver near term development and production assets in North West Europe, through its extensive technical and commercial expertise, whilst maintaining some exposure to exploration upside. The Company is looking to grow both organically and through acquisition.
IOG has four licences in the North Sea: In addition to the Blythe and Skipper licences co-owned 50% with ATP UK, IOG has a 100% working interest in two licences awarded in the 27th licencing round. One is to the west of and adjacent to Skipper, the other is to the east of Blythe. Both these licences have potential resources that could be tied back to developments at Skipper and Blythe respectively.