Independent Oil and Gas plc ('IOG' or the 'Company) (AIM: IOG.L), the development and production focused oil and gas company, has today issued a total of 3,147,139 ordinary shares of 1 penny each ('Ordinary Shares') in the capital of the Company.
These shares are being issued to Edimis Energy Limited, a company wholly owned by Rupert Newall, a PDMR of the Company, further to an engagement letter for strategic advisory services in connection with the farm-out transaction which completed on 28 October 2019.
Following the issue, Mr Newall will directly hold 300,000 shares, with a total beneficial holding, including those held by Edimis Energy Limited and his wife as a person closely associated, of 3,542,050 shares representing 0.74% of the Company's issued share capital.
The Company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trade on AIM ('Admission'). Admission is expected to occur on 22 November 2019. Following Admission, there will be 479,944,044 Ordinary Shares in issue with one voting right per Ordinary Share. 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 FCA's Disclosure and Transparency Rules.
Independent Oil and Gas plc
Andrew Hockey (CEO)
James Chance (CFO)
+44 (0) 20 3879 0510
+44 (0) 20 7220 0500
Peel Hunt LLP
+44 (0) 20 7418 8900
+44 (0) 20 7390 0230
About Independent Oil and Gas:
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 146 MMCF/d (c. 25,000 Boe/d) from gross 2P gas Reserves of 302 BCF¹ + 2C gas Contingent Resources of 108 BCF², 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 BCF² 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.
Details of the person discharging managerial responsibilities/person closely associated
Edimis Energy Limited ("Edimis")
Reason for the notification
Edimis is wholly owned by Rupert Newall, Head of Corporate Finance (PDMR). As Mr Newall is a PDMR, Edimis is classified as a PCA for purposes of the EU Market Abuse Regulation
Initial notification/ Amendment
Details of the issuer
Independent Oil and Gas plc
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the Financial Instrument
Independent Oil & Gas plc Ordinary Shares of 1p each
Identification code of the Financial Instrument
Nature of the transaction
Issue of ordinary shares of 1 penny each in the Company
Price(s) and volume(s)
- Aggregated volume
Date of the transaction
18 November 2019
Place of the transaction
London Stock Exchange, AIM Market (XLON)
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