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Independent Oil &Gas - Result of AGM

RNS Number : 7066L
Independent Oil & Gas PLC
01 May 2020
 

1 May 2020

 

Independent Oil and Gas plc

 

Result of AGM

 

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, is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting ("AGM") held today, were duly passed.  

 

Full details of the resolutions may be found at www.iog.co.uk/media/1280/agm-notice-dated-7-april-2020.pdf 

 

Due to government Covid-19 restrictions, shareholders had been asked to submit their proxy votes beforehand and votes were received representing approximately 69.5% of the Company's issued shares in this way.

 

The proxy votes received from shareholders were as follows:

 

Resolution

For

%

Against

%

Withheld

1.

328,134,761  

99.69

1,023,962   

0.31

5,789   

2.

328,128,261  

99.69

1,023,962   

0.31

12,289

3.

329,152,223 

100.00

0

0.00

12,289

4.

329,152,223 

100.00

0

0.00

12,289

5.

329,152,223 

100.00

0

0.00

12,289

6.

293,663,442         

89.22

35,495,281         

10.78

5,789          

7.

317,390,908     

96.43

11,761,315     

3.57

12,289        

 

As announced on 23 April 2020, as part of the resolutions, the Company obtained 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. The Board has listened to shareholder feedback and committed 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.

 

Andrew Hockey, CEO of IOG, commented: 

 

"I am pleased that all resolutions have been supported and would like to thank shareholders for assisting us, by listening to the AGM by conference call and casting their proxy votes beforehand."

 

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 7036 1400

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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Price: 15.25

Market: AIM
Market Cap: £73.23 m
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