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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Independent Oil & Gas PLC    IOG   GB00BF49WF64

INDEPENDENT OIL & GAS PLC

(IOG)
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Independent Oil & Gas : and Gas plc - Issue of New Shares and Director Shareholding 6 Dec 2018

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12/07/2018 | 09:39am EDT

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.

Contact:

Andrew Hockey

Tel: +44 (0) 20 3879 0510

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.

(C) 2018 Electronic News Publishing, source ENP Newswire

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Financials (GBP)
Sales 2019 -
EBIT 2019 -1,90 M
Net income 2019 -2,00 M
Debt 2019 54,7 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
EV / Sales 2019 0
EV / Sales 2020 0
Capitalization 43,8 M
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Average target price 0,51  GBP
Spread / Average Target 292%
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Managers
NameTitle
Andrew Raymond Hockey Chief Executive Officer & Director
Fiona M. MacAulay Non-Executive Chairman
Mark Hughes Chief Operating Officer & Director
James Chance Chief Financial Officer
Doug Fenwick Technical Director
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