Iog Share Discussion Threads

[hiddendepths] 23/9/2021 08:40

Agreed bh - one of the most sensible and well-timed placings I've ever seen - and I've been looking at such things in the oil and gas industry for 40 years!

[bountyhunter] 23/9/2021 08:25

"The Issue Price represents a discount of approximately 8.3% to the closing mid-market price of an Ordinary Share of 27.25 pence on 22 September 2021 (being the last practicable date prior to this Announcement). The New Ordinary Shares will represent approximately 6.5% of the Company's Enlarged Issued Share Capital."

So represents only 6.5% of the company and for clearly defined purposes. Once the dust settles the price should move forwards more decisively as first gas gets closer, imho.

[bountyhunter] 23/9/2021 08:19

Yes I guess they would have mentioned x for y shares or PB if we were to get a look-in. Saves on admin costs and time which is of the essence to extend that rig contract at cheap rates by 30 Sept.

[hiddendepths] 23/9/2021 08:05

No way will we get a look-in, more's the pity!

Wouldn't be a surprise if the shares close the day higher.

[bountyhunter] 23/9/2021 07:59

Given the gas crisis and option of extending the existing drilling schedule at cheap rig rates I guess this is timed well even if unexpected.
With the focus on gas right now the placing should be comfortably over-subscribed by institutional investors so I'm guessing we won't get a look in?

[bountyhunter] 23/9/2021 07:52

Yes makes sense and 25p is a sensible price especially to secure the existing option of a cheap continuing rig rate. A bit of a surprise but does explain why the price wouldn't go any higher while others were rocketing.

"By conducting the Fundraise now, the Company will be able to elect to continue into the next phase of the licence and also exercise an extension option embedded in its Noble Hans Deul jack-up rig contract, which was executed in 2020 at a time of historically low rig rates. If the option is exercised by 30 September 2021, this would enable the Company to drill this well at the same rig rate as the Phase 1 development programme. The Kelham North and Kelham Central well is planned to follow a Goddard appraisal well in licence P2438 to be financed out of existing resources and drilled directly after the first two Southwark production wells, enabling the Company to benefit from significant drilling efficiencies. As previously announced, the Noble Hans Deul jack-up rig is drilling the Blythe production well at the present time, further details of which are provided in the operational update below. The Company's Joint Venture ("JV") partner CalEnergy Resources (UK) Limited ("CER") holds the other 50% non-operated stake in both P2438 and P2442 and is aligned with plans to maximise returns from these licences."

[marvelman] 23/9/2021 07:51

Now our friends inside have got their placing shares I am sure we will be allowed to move on to a more sensible sp…pleased with this news and relieved

[hiddendepths] 23/9/2021 07:47

Excellent move. The justification case is compelling. Not big enough to cause a flowback issue. Should set a new, higher floor for the share price.

[marvelman] 23/9/2021 07:34

I think we all suspected this given the lack of movement upwards in a gas marker such as we have.could have been worse at 25p

[dunderheed] 23/9/2021 07:10

Oh christ hope it's not another mgt. F up on reserves again, lol.

[bountyhunter] 22/9/2021 16:25

probably will do tomorrow :)

...nearly all buying today, last trade went through @28p right at the top of the 26.5/28 spread,must be due a tick up soon.

[marvelman] 22/9/2021 16:24

..and now cannot buy online in any volume :-))

[marvelman] 22/9/2021 16:10

27.5 to sell now but will not move up!!...good timing BTW Hiddendepths

[bountyhunter] 21/9/2021 15:14

o/t Kist going ballistic, must be something more than the gas price driving that up!?

Another aquisition there in the offing, maybe AA is after IOG again! ;)

...but probably not the case or its a very tight ship here and leaky one over there!

[hiddendepths] 21/9/2021 14:54

No rush. Let the loose holder exit. The more they sell, the more the bulls at this price!I really like buying quality stocks when there's a big seller around.

[bountyhunter] 21/9/2021 12:17

plenty of buys going through now, tick up soon?

[bountyhunter] 21/9/2021 12:13

Re first gas Q4

The Elgood well took 3mths 10days to drill but there were some mechanical issues, so all being well Blythe (spudded with the same rig on Aug 2) should take lass than 3mths as per the recent rns. In the article below re Blythe..

"The Blythe well should be completed by October, followed by Phase 1 first gas later in 4Q."



The Blythe field is a little shallower than Elgood so drilling completion may be quicker for that reason as well..

The Blythe field was discovered by Burmah with the drilling of the 48/22-1 well to a depth between 7,296ft and 7,391ft. The well flowed at the rate of 900,0000ft³ of gas...

The Elgood gas field was discovered by Enterprise Oil in 1991 with the drilling of the 48/22-4 well to a total depth of 9,130ft.

So possibly news within a few weeks on Blythe completion.

[bountyhunter] 21/9/2021 11:54

Yes largely ignored, I agree, first gas should get plenty of publicity though, hopefully on schedule in Q4

[marvelman] 21/9/2021 11:19

It surely won't be held down for much longer HD...selling in decent volumes at 27p

[hiddendepths] 21/9/2021 11:09

Did so. There seems to be plenty on offer at 27.75.

[hiddendepths] 21/9/2021 10:51

There's clearly a chunky seller around.

And the shares have moved up nicely anyway.

But I agree they could well start to run once the seller's done. This stock is being largely ignored. It doesn't deserve to be. Once it gets noticed it could easily start to motor.

May well top up in the next few minutes....

[bountyhunter] 21/9/2021 10:12

Yes mm that's what I was just thinking as well, may see a tick up later? On LSE yesterday they were highlighting that buys were listed incorrectly as sells due to a wide spread.

[marvelman] 21/9/2021 09:54

Beggars belief that this is treading water with so much going on with other gas related shares..we surely must have a steady significant seller holding us back

[bountyhunter] 20/9/2021 16:29

Q4 21 192.030p/therm!


So every incentive to get first gas online as soon as possible in Q4 most likely sometime towards the end of next month?
(Blythe production well spudded on 2 August 2021 and expected to be completed within three months).