Independent Oil and Gas plc: Bond Settlement and Harvey Drilling
Monday 23 September 2019
Independent Oil and Gas plc ("IOG"), the development and production company focused on becoming a substantial UK gas producer, confirmed that settlement of its EUR100 million 5-year senior secured bond took place on 20 September. Details of the key Bond terms were announced on 9 September.
In addition, the Company also confirmed that the Maersk Resilient jack-up rig went off contract in the early hours of the morning on 19 September. The Harvey appraisal well was drilled in under two months with no HSE or Lost Time Incidents and confirmed a 49ft gas column. Data acquired from the well is now undergoing analysis to generate a revised technical assessment of reservoir gas volumes and deliverability, meeting the primary objectives of the well.
The Company’s Interim Statement for the first half of 2019 will be released on Thursday 26 September.
Andrew Hockey, CEO of IOG, commented:
"We are pleased to have completed the settlement process for our EUR100 million bond raise, which with the proceeds to come from our farm-out to CalEnergy Resources Ltd will ensure we are fully funded for our Core Project. We are also delighted to have completed the drilling of the Harvey appraisal well safely and without incident and look forward to sharing the results of the well analysis in due course."