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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Iog Plc | IOG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.00 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 26/10/2023 23:37 by oilguy1 IOG Shareholders announcement.We have secured expert legal representation and a pledge of funds to challenge what is happening & we need your help. IOG shareholders are now being legally represented and have a team working to correct this wrong. Sign up to this group to join the growing number of IOG shareholdsers. As individuals we now have a joint voice JOIN HERE hxxps://lifephotogra |
Posted at 28/9/2023 21:22 by moonshine3 Original postsiamthemagnificent - 01 Aug 2023 - 17:51:54 - 5654 of 5999 IOG - NORTH SEA GAS - IOG hehe good trading Sir The reverse indicator firestorm911 signalled a BUY here - loaded up and slightly in profit But I hear greed is good, so holding on for a bigger profit. GLA iamthemagnificent - 01 Aug 2023 - 14:59:25 - 5643 of 5999 IOG - NORTH SEA GAS - IOG Had to FOK as none available online Broker sorted it out for me First 2 lots purchased. GLA. iamthemagnificent - 01 Aug 2023 - 14:58:28 - 5642 of 5999 IOG - NORTH SEA GAS - IOG Heyyyyyyyy the reverse indicator firestorm911 is here ! In which case - I've started loading up at 1.7p for the bounce |
Posted at 28/9/2023 14:12 by tomboyb IOG PLC Intent to Appoint Administrators &Share Suspension (0405O)28/09/2023 2:10pm UK Regulatory (RNS & others) Iog (LSE:IOG) Intraday Stock Chart Thursday 28 September 2023 Click Here for more Iog Charts. TIDMIOG RNS Number : 0405O IOG PLC 28 September 2023 28 September 2023 IOG plc Notice of Intention to Appoint Administrators and Suspension of Trading in the Company's Shares IOG plc ("IOG", or "the Company"), (AIM: IOG.L) announces that, after extensive consideration of the Company's current financial situation following underperformance of the developed assets and the resulting creditor position, the Board has now regrettably concluded that IOG plc should be placed into administration ("the Administration") in order to preserve the value of the business for creditors. Accordingly, a notice has been filed with the Court today notifying the Company's intention to appoint administrators of IOG plc as soon as reasonably practicable. In the context of the existing bond waiver which expires on 29 September 2023, discussions have been held with a representative group of senior secured bondholders and their advisors regarding a potential additional capital injection and associated restructuring of the Company. Discussions are intended to continue during the Administration with a view to a potential restructuring solution that protects the operating subsidiaries, which are not being placed into administration. In light of the above, the Company has requested a suspension of trading in its ordinary shares on AIM with effect from 2.10 pm on 28 September 2023. The Interim Results for the six months ending 30 June 2023 will not be released. Esa Ikaheimonen, Chair of IOG, commented: "The Board are extremely disappointed to draw this unavoidable conclusion, having worked exhaustively to overcome the Company's financial circumstances. We have not found a viable solution that would provide a return to shareholders. We regret the impact this outcome will have on our many stakeholders. I want to thank everyone involved, especially the IOG team, for their efforts through this very challenging period." Enquiries: |
Posted at 09/8/2023 12:53 by jaknife You may get a short term spike but fundamentally there are only two likely outcomes for IOG and neither of them is good for shareholders:1. A debt for equity swap, priced at a significant discount to the current share price, or 2. administration with the entire assets of IOG transferred to a NewCo, owned by the bondholders, in return for them extinguishing IOG's debt Under option 1 you might be lucky and get awarded £2.5m of equity in the recapitalised company, which would equate to 0.5p a share but option 2 would mean zero. The problem is that retail shareholders just don't seem to understand debt and capital structures. IOG owe the bondholders EUR 105m! They had to agree to give the bondholders EUR 5m just to extend the waiver by two months. If IOG had to give them EUR 5m for a two month extension on negotiations then what else do you think that IOG are going to be forced to give them when it turns out that there's not enough cash to repay the bond? You're playing poker and bluffing with seven-deuce whilst the bondholders are holding four aces. JakNife |
Posted at 12/7/2023 18:46 by ashkv Feel bummed for IOG investors and hope some were curtailed losses by my heads up as to the ramping.I sold out of IOG at around 30p on first indications of reservoir issues - and will only reinvest if the share price is in the low 2p range!!! As I don't see a buy-out north of 4p given the current market conditions. A buy-out or some manner of deal is in my assessment the only way investors don't get wiped out by bond holders or a super dilutive equity raise!!! Barring an unlikely sustained super spike in gas prices!!! IOG Share Price: 3 IOG share price vs 52 Week low of 3p on 12 July 23: 0.00% IOG share price vs 52 Week High of 42p on 24 Mar 22: -92.86% Shares Outstanding: 523,855,758 GBPUSD: 1.29 Brent: $80.00 British Gas Prices (Next Month): £66 EURGBP: 0.8567 EURUSD: 1.11 MarketCap GBP: £15,715,673 MarketCap USD: $20,273,218 Cash - GBP (30 June 2023): £13,000,000 Cash - USD (30 June 2023): $16,770,000 Debt (GBP): £97,270,000 Debt (USD): $125,478,300 Net Debt (GBP): £84,270,000 Net Debt (USD): $108,708,300 Enterprise Value: $117,543,218 2022 Actual Average Production: 2,603 2023 Average H1 Production 13.8 mmscf/d: 1,311 Mid-Guidance for H2 2023 25 mmcf/d - IOG 50% Share (20-30 mmcf/d): 2,375 Enterprise Value/Barrel 2022 Actual Average Production: $45,157 Enterprise Value/Barrel H1 2023 Production: $89,659 Enterprise Value/Barrel Mid-Guidance Production H2 2023 25 mmcf/d - IOG 50% Share (20-30 mmcf/d): $49,492 Decommissioning Expenses (GBP): £16,600,000 IOG LIABILITIES − €100m Senior Secured Bond Maturity 19 Sep 2024: £87,000,000 − LOG Subordinated Convertible Loan: £9,300,000 − Decommissioning provision: £16.6m Total Liabilities £96,300,000 |
Posted at 28/6/2023 08:36 by dunderheed Delatalo and I do mean this respectfully.Regardless of what bantamboy did or didn't say - does it matter? I think I've always been pretty consistent in my messaging regarding IOG which simply was if H2 didn't work then it was game over for IOG and if it did it will still likely be a very tough arduous journey for IOG and ignorance of this will only create food for the negative posters. IOG are absolutely doing the right thing by consolidating and conserving cash now. However to state revenues for IOG as 10 million per month (what currency) is also equally as disingenuous as the "negatives" and will just add fuel to their fire. Respectfully why don't you just show your reconciliation of this - and if it includes a forecast "average" higher gas price than present - which let's face it - sadly for the UK consumer due to years of western europe (including UK!) mismanagement is very likely - then so be it. From an external observers viewpoint there is no bull case to argue against the bear case if all it entails is name calling and certainly will not encourage much confidence for new readers of said free bb in IOG "management"?! I only post my comments here as I lost a significant amount of money (which luckily I can offset due to having varied portfolio) and don't want others to lose proportionately more and as such we should stick to the facts as much as possible? Best of luck all, as ever all IMHO and DYOR!! |
Posted at 26/6/2023 17:37 by jaknife Goldennuggets87,What don't you understand about "don't talk to me until 1st August"? You've obviously never shorted anything in your life and hence don't understand the process but it's really irritating that you can't remember basic facts. FFS, you can't even calculate IOG's revenue correctly because you're ignoring the farm-in. And you want me to take you seriously? Also, whilst you appear obsessed with IOG, I have a wider portfolio of which IOG is just one position. "9% of your morgage right? No! For the second time, I measure things by reference to the value of my house (because that's the metric that I use for calculating position sizes). Today it's 11.5%, but that's irrelevant. Down at these levels IOG's share price is volatile but, regardless, it's still trending to zero because basically IOG is insolvent and the equity is worthless. "You must be in some heavy losses by now?" To the extent that IOG has moved against me today that has been entirely offset by the move in COPL and BEN; AVO and HARL have also helped. That's what happens when you have a portfolio rather than an obsession with one share. "At what price do you get margin called at? Hahaa" Incompetent risk managers get margin calls. Professionals manage position sizes and risk carefully. Now please, I don't have the time to keep explaining this to you. Come back on 1st August when I will explain to you what the RNSs mean and why the share price has dropped dramatically. JakNife |
Posted at 26/6/2023 17:23 by jaknife deltalo,"Iog hasn’t defaulted on the bond, it was wavered for six weeks, todays news has doubled our revenue and now gas prices are on the up the bond can be restructured at anytime." I fear that you don't understand the numbers or IOG's legal status. IOG would be in default if it were not for the waiver that the bondholders have generously granted to IOG. That waiver will expire at the end of July. 1. Firstly IOG would be in default for non-payment of the interest as per clause 14.1(a) of the prospectus: 2. Secondly IOG have confirmed that they will be in default when the financial covenants are tested as at 30 June. If you read the bond prospectus then you'll see that clause 12.4(g) sets out that IOG can avoid this particular breach by obtaining a "Cure Amount". And if you read Clause 14.2 you'll see that a "Cure Amount" is basically an equity placing. IOG have no hope of repaying the bond, the obvious thing for the bondholders to do would be to seize all of IOG's assets, in order to maximise their recovery. Even then bondholders appear to think that they would only recover 45% of par - that's the price at which the bonds are trading. JakNife |
Posted at 26/6/2023 07:38 by ashkv Good news for long suffering IOG holders - however, is this production rate going to hold? Water issues / other issues? IOG has a history of production issues - including with the revent "well blockage"...Debt for equity wipeout still very high probability or a dilutive share placement - as given current production rate at 40 mmcf and UK gas forward curve it is unlikely IOG will be able to repay debt due in an year... High risk share - Caveat Emptor...AT 40mmcf and 4.2p price Enterprise Value / Flowing Barrel is roughly equal to the same metric for Serica Energy (SQZ)..... Mad mad markets.... IOG Share Price: 4.2 IOG share price vs 52 Week low of 3.26p on 7 Jun 23: 28.83% IOG share price vs 52 Week High of 42p on 24 Mar 22: -90.00% Shares Outstanding: 523,855,758 GBPUSD: 1.27 Brent: $74.25 British Gas Prices (Next Month): £87 EURGBP: 0.86 EURUSD: 1.09 MarketCap GBP: £22,001,942 MarketCap USD: $27,942,466 Cash - GBP (30 Apr 2023): £31,900,000 Cash - USD (30 Apr 2023): $40,513,000 Debt (GBP): £97,600,000 Debt (USD): $123,952,000 Net Debt (GBP): £65,700,000 Net Debt (USD): $83,439,000 Enterprise Value (EV = Market Cap + Debt - Cash): $125,542,466 2022 Actual Average Production: 5,206 2023 Average YTD Production 14.9 mmscf/d (2 May 23 RNS): 2,831 Post Clean-up June 23 Production from Blythe H2 Well (40 mmcf/d): 7,090 Guidance for Mid 2023 (30-40 mmcf/d) on Blythe 2nd Well Success: 6,650 Enterprise Value/Barrel 2022 Actual Average Production: $24,115 Enterprise Value/Barrel Current Production 14.9 mmscf/d (2 May 23 RNS) : $44,346 Enterprise Value/Barrel - Post Clean-up June 23 Production from Blythe H2 Well: $17,707 Enterprise Value/Barrel Blythe 2nd well 2023 Guidance: $18,879 Decommissioning Expenses (GBP): £16,600,000 IOG LIABILITIES − €100m Senior Secured Bond Maturity 19 Sep 2024: £87,000,000 − LOG Subordinated Convertible Loan: £9,300,000 − Decommissioning provision: £16.6m Total Liabilities £96,300,000 |
Posted at 16/6/2023 21:35 by jaknife deltalo,* Cal Energy own 50% of the underlying asset via a farm-in, they are not a shareholder in IOG, hence they care about the asset but don't care about IOG. * The bond is solely a liability of IOG, there is zero chance that Cal Energy would willing take on the liability. * The bondholders are in favour of a six week waiver because a court would look upon them unfavourably if they went in all guns blazing and put IOG into administration without first having attempted to negotiate with IOG. * Nothing material can happen in the next six weeks. IOG are cash flow insolvent and will breach covenants when next tested. There is no realistic scenario under which IOG could ever repay the bond in full, which is why the bond trades at just 45% of par. * Hence the sensible move is for the bondholder to simply take control of all of IOG's assets to achieve a the maximum possible return (albeit less than €100m). * There is plenty of precedent for such a deal, eg Kistos did this in April with Mime Petroleum: I wish you the best of luck. With fundamentally flawed analysis like the above you're going to need it. JakNife |
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