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 162,114 ordinary shares ('New Ordinary Shares') in the capital of the Company.
On 5 December 2018, a notice was submitted by Mark Routh, the Chairman of the Company, to exercise 162,114 1p options over Ordinary Shares awarded to him, pursuant to a share option agreement dated 19 November 2014.
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 12 December 2018. Following Admission there will be 126,868,156 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 FCA's Disclosure and Transparency Rules.
This exercise of options increases Mark Routh's holding in the Company from 7,236,956 Ordinary Shares, being 5.71% of the current number of shares in issue to 7,399,070 Ordinary Shares being 5.83% of the enlarged share capital of the Company.
Mark Routh has informed the Company that it his intention to hold this number of shares in IOG and will not sell down any shares in the Company to meet the personal tax liability that crystallises upon exercise of these options.
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
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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 114 MMCF/d (c. 20,000 Boe/d) from its substantial Core Project (2P gas Reserves of 302 BCF) via an efficient hub strategy. In addition to the independently verified 2P reserves, IOG now has independently verified 2C contingent gas resources of 108 BCF in Goddard and best estimate unrisked prospective gas resources of 202 BCF 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.
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