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Independent Oil &Gas - AGM Update

RNS Number : 6829K
Independent Oil & Gas PLC
23 April 2020
 

23 April 2020

 

Independent Oil and Gas plc

 

AGM Update

 

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, confirms that its Annual General Meeting ("AGM") will be held on 1st May 2020 at 10.00am.

 

In light of the government's ongoing response to the COVID-19 outbreak, banning all non-essential travel and gatherings of more than two people, which includes confirmation by the Department for Business, Energy & Industrial Strategy (BEIS) on 17 April of earlier advice and guidance, the Company requests all Shareholders to submit their Form of Proxy or use the CREST Proxy Voting Service (as applicable) and not to attend the meeting in person. Shareholders are reminded that attending the AGM in person would be in breach of the Government's laws in relation to COVID-19 and as such, only the appointed Chair of the meeting and one other nominated shareholder will be permitted to do so. The Company will continue to monitor the situation and issue any further updates as necessary.

 

Voting will take place as usual on a show of hands and if the Company is of the view that this does not reflect the proxy votes, the Chair will direct voting to be by poll. Shareholders may listen to the formal AGM proceedings by dialling in to +44 (0) 330 336 9411 pin code 1556557 but will not be able to vote by telephone, as the Company's articles of association do not permit this.

 

Immediately after the formal business of the meeting the Company will on the same call give a corporate update presentation which will be made available on the Company's website at https://www.iog.co.uk/investors/ and shareholders will have the opportunity to ask questions.

 

As part of the resolutions being proposed, the Company is seeking authority (in resolution 7) to issue ordinary shares for cash on a non pre-emptive basis up to 20 per cent of the Company's current issued share capital. Following discussions with shareholders, the Company has agreed that whilst it will put this resolution to the meeting, the Board will commit that this authority would only be used, if at all, up to an aggregate number of ordinary shares equivalent to 10 per cent of the Company's current issued share capital.  Having taken advice in the current climate, the Company deemed a limit of 20 per cent to be appropriate and in line with current guidelines. However, the Board has also listened to the legitimate views of shareholders and has agreed to commit to the lower level of 10 per cent. 

 

Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

 

Independent Oil and Gas plc

Andrew Hockey (CEO)

Rupert Newall (CFO)

James Chance (Head of Corporate Finance & IR)

 

+44 (0) 20 3879 0510

finnCap Ltd

Christopher Raggett (Corporate Finance)

Simon Hicks (Corporate Finance)

Camille Gochez (Corporate Broking)

 

+44 (0) 20 7220 0500

Peel Hunt LLP

Richard Crichton

David McKeown

 

+44 (0) 20 7418 8900

Vigo Communications

Patrick d'Ancona

Chris McMahon

Simon Woods

 

+44 (0) 20 7390 0230

About IOG:

 

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 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², 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 Bcfe² at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and continues to pursue value accretive acquisitions to generate significant shareholder returns.

 

1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression

2ERC Equipoise Competent Persons Report: October 2018

 

 


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 [email protected] or visit www.rns.com.
 
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Quick facts: Independent Oil & Gas PLC

Price: 15.25

Market: AIM
Market Cap: £73.23 m
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