Independent Oil & Gas PLC Update on London Oil and Gas loan facilities (1747M)
January 04 2019 - 1:00AM
UK Regulatory
TIDMIOG
RNS Number : 1747M
Independent Oil & Gas PLC
04 January 2019
4 January 2019
Independent Oil and Gas plc
Update on London Oil and Gas loan facilities
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM:
IOG.L), the development and production company focused on becoming
a substantial UK gas producer, notes that the Financial Conduct
Authority is conducting an investigation into the affairs of London
Capital and Finance plc ("LCF") and that the FCA has required that
LCF may not (without the prior consent of the FCA) deal in any way
with its assets and must cease conducting all regulated activity.
There is no direct relationship between LCF and IOG.
IOG wishes to clarify that LCF is not a shareholder in IOG's
primary financial backer, London Oil & Gas plc ("LOG"). LOG is
a borrower from LCF and LOG is also a lender to IOG amongst other
companies.
Under the total of GBP38.55m loan facility agreements signed
between IOG and LOG between December 2015 and September 2018 (the
"LOG Facilities"), sums owed by IOG to LOG are only repayable
within 36 months of their drawdown and there is no mechanism under
which LOG can demand early repayment save in an event of default by
the Company. The Company has to date drawn a total of GBP30.7m
under the LOG Facilities of which GBP0.7m is held in cash and
GBP3.05m is due to be repaid in the next six months. The Company
currently has further availability under the LOG Facilities of
GBP7.85m. LOG has today re-confirmed to IOG that all sums agreed to
be lent to IOG remain available to the Company and LOG has not
received any call on any of its funds from LCF.
The Company is monitoring the situation with regard to LCF and
LOG carefully and continues to progress its current forward funding
plans as per its 29 November 2018 announcement.
ENDS
Enquiries:
Independent Oil and Gas plc
Andrew Hockey (CEO)
James Chance (CFO) +44 (0) 20 3879 0510
finnCap Ltd
Christopher Raggett, Anthony Adams
(Corporate Finance)
Camille Gochez
(Corporate Broking) +44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton, David McKeown +44 (0) 20 7418 8900
Camarco
Georgia Edmonds, Tom Huddart, Monique
Perks +44 (0) 20 3757 4995
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.
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRBXLLBKFFXBBF
(END) Dow Jones Newswires
January 04, 2019 02:00 ET (07:00 GMT)
Iog (LSE:IOG)
Historical Stock Chart
From Apr 2024 to May 2024
Iog (LSE:IOG)
Historical Stock Chart
From May 2023 to May 2024