IOG Announces Result of Oversubscribed Placing & Subscription

Source: www.gulfoilandgas.com 9/23/2021, Location: Europe

IOG plc, the Net Zero UK gas and infrastructure operator focused on high return projects, is pleased to announce that, further to the announcement made today, the Company has successfully raised gross proceeds of 8.5 million through a placing (the "Placing") and subscription (together, the "Fundraise"). The Company has placed 33,800,000 new Ordinary Shares at a price of 25 pence per New Ordinary Share (the "Issue Price") with existing and new investors.

The Issue Price represents a premium of approximately 1.0% to the 30-day volume weighted average price of an Ordinary Share to 22 September 2021 of 24.75 pence and a discount of approximately 8.3% to the closing mid-market price of an Ordinary Share of 27.25 pence on 22 September 2021. The New Ordinary Shares will represent 6.5% of the Company's Enlarged Issued Share Capital.

finnCap and Peel Hunt acted as Joint Bookrunners in respect of the Placing. The New Ordinary Shares issued pursuant to the Placing and Subscriptions will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares at that time.

Board and PDMR subscriptions
Certain directors and Persons Discharging Managerial Responsibilities ("PDMRs") have entered into direct subscription agreements with the Company to subscribe for in aggregate 200,000 Subscription Shares at the Issue Price raising gross proceeds of approximately 50,000 (the "Subscription").

Andrew Hockey, IOG CEO, said:
"I am very pleased to have completed this oversubscribed Fundraise which has been strongly supported by both existing and new institutional investors, and in which myself and several other directors and senior management have also invested. As we approach first gas in Q4 2021, we are already looking to drive accretive new growth beyond. This Fundraise enables us to exercise an attractive extension option for the Noble Hans Deul rig for a dual-lateral well in 2022 to appraise both the Kelham North and Kelham Central prospects on the 30th Round Licence P2442 (Block 53/1b) and prove up a high-return incremental Southern Hub to be tied back directly into our Saturn Banks infrastructure. Our seismic reprocessing has demonstrated potential for up to six assets in this hub, which lies in a historically prolific producing area of the Southern North Sea.

The Kelham North and Kelham Central well is planned to follow a Goddard appraisal well in licence P2438 (Blocks 48/11c and 12b), to be financed out of existing resources and drilled directly after the first two Southwark production wells, enabling the Company to benefit from significant drilling efficiencies. The Goddard appraisal well will evaluate the upside potential to the south-east of the structure potentially enabling a much higher return development.

The Fundraise will also enable us to commence seismic reprocessing on Licence P2589 (Blocks 49/21e and 22b, Panther and Grafton) where we are targeting a similar uplift in commercial potential to P2442.

IOG has a clear strategy to deliver further high-return projects as a Net Zero UK gas and infrastructure operator. With the right team and partnerships in place, this multi-phase "project factory" can generate substantial further shareholder value, while also helping to maximise low carbon intensity domestic UK gas supplies.

I would like to thank our shareholders for continuing to support our exciting journey and look forward to updating further on progress on Phase 1 and beyond."


Brazil >>  10/22/2021 - Petrobras informs that, on 10/14/2021, its Executive Board considered and approved the submission to the Board of Directors of a proposal for the exec...
Ghana >>  10/22/2021 - Kosmos Energy Ltd. announced the pricing of $400 million aggregate principal amount of its 7.750% senior notes due 2027. The offering is expected to c...

United States >>  10/22/2021 - - Global revenue of $5.85 billion increased 4% sequentially and 11% year-on-year
- International revenue was $4.68 billion and North America rev...

United States >>  10/21/2021 - - Reported net income attributable to Valero stockholders of $463 million, or $1.13 per share.
- Reported adjusted net income attributab...


Australia >>  10/20/2021 - Record sales revenue and record free cash flow
- Strong base business performance and improved commodity prices delivered record quarterly sales ...

United Kingdom >>  10/20/2021 - Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, which owns 49.99% of Corallian Energy Limited ("Cora...




Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.