International Oil and Gas Tech Ltd SR2020 Inc (7458X)

TIDMOGT

RNS Number : 7458X

International Oil and Gas Tech Ltd

21 November 2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

21 November 2014

International Oil and Gas Technology Limited

("IOGT" or the "Company")

SR2020 Inc

International Oil and Gas Technology Limited (LSE: OGT) ("the Company") announces that OptaSense, Inc, of Houston, Texas ("Optasense"), a subsidiary of QinetiQ Group PLC (LSE:QQ), acquired the seismic processing and imaging assets of SR2020, Inc ("SR2020"), a portfolio investment of the Company, on 20 November 2014. The consideration for the sale of the assets and service capability includes cash consideration to SR2020, which will enable SR2020 to pay certain debts due to third-party secured creditors, and deferred consideration of up to US$1.0 million to the Company, payable in one amount and based on an earn-out mechanism reflecting revenues over the next twelve months.

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For further information:

 
 
  Investment Manager 
Linton Capital LLP 
David Sefton                Tel: [phone] 
[e-mail] 
 
 
 
  Corporate Broker 
Numis Securities 
Nathan Brown        Tel: [phone] 
[e-mail] 
 

Notes to editors:

International Oil and Gas Technology Limited

International Oil and Gas Technology Limited is an authorised closed-ended investment company incorporated in Guernsey. The Company was admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange on 7 January 2008. Its stock market EPIC is OGT.L.

Further information can be found at www.international-ogt.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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