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IOG Iog Plc

0.00 (0.0%)
30 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Iog Plc LSE:IOG London Ordinary Share GB00BF49WF64 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 2.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs 75.41M -28.45M -0.0542 -0.37 10.5M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 2.00 GBX

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Posted at 30/11/2023 08:20 by Iog Daily Update
Iog Plc is listed in the Oil And Gas Field Expl Svcs sector of the London Stock Exchange with ticker IOG. The last closing price for Iog was 2p.
Iog currently has 525,037,353 shares in issue. The market capitalisation of Iog is £10,500,747.
Iog has a price to earnings ratio (PE ratio) of -0.37.
This morning IOG shares opened at -
Posted at 26/10/2023 22:37 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

Posted at 28/9/2023 20:22 by moonshine3
Original posts

iamthemagnificent - 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.

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.


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 13:12 by tomboyb
IOG PLC Intent to Appoint Administrators &Share Suspension (0405O)
28/09/2023 2:10pm
UK Regulatory (RNS & others)

Intraday Stock Chart

Thursday 28 September 2023

Click Here for more Iog Charts.

RNS Number : 0405O


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."

Posted at 17/9/2023 16:33 by jaknife
There's no point blaming "naked shorts", it's impossible to "naked short" in the UK. And there's hardly any short interest in IOG:

The reality of the matter is that the fall in the share price has been caused by the bulls selling as they slowly capitulate and realise that IOG is a dog.

(And margined investor like Robbie who have been forced, by margin calls, to sell their shares.)
Posted at 21/8/2023 20:28 by jaknife

”If the bond holders were going to “step in” they would have done so by now.

Why give them a wavier till end of Sep and add 5 mil to the bond if they thought it was going under ;)”

Because such things take time. Cineworld began discussions with its banks in May 2022, failed its financial covenant on 30 June 2022, went into Chapter 11 on 7 Sept 2022 and was finally placed into administration on 31 July 2023.


”JN what a load of you really believe everything you read from analysts? they have not allowed for a drastic increase in the gas price in their analysis and you know it....”

Have they? Or haven’t they? It sounds as if you haven’t even bothered to read the paper?

What if gas prices were to double? What would IOG’s revenues be between now and Sept next year? What cash would be available to repay the bond that’s due then? Can you see how a miracle doubling of gas prices still leaves IOG hopelessly insolvent?

”If the bondholders were so keen to seize the assets surely they would not have given the extension and already claimed the flow is irregular in this industry and the bondholders know that ..........why would they pull the plug before the winter period starts in earnest.....and not allow the company to recover and start paying the bond interest as normal....remember they still have £20m in cash and the first bond payment in an escrow account.....waiting to be paid....”

IOG have defaulted. There is no law that says that the bondholders must wait and see *IF* gas prices spike just in case. On the contrary the bondholders are completely within their rights to just step in and seize everything now (or at least when the waiver expires).

But hey, you don’t have to take my word for it. Simply wait another six weeks to see *IF* the bondholders are a charity rather than an angry group that feel let down by management who want to maximise their recovery by ANY possible means.

Posted at 09/8/2023 11:53 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.

Posted at 08/8/2023 09:37 by jaknife
There is negligible short interest in IOG. Short-tracker shows that it's currently at 1%:

The main determinant of share prices is always longs. The share price is down at this level because the longs have capitulated and dumped their shares.
Posted at 25/7/2023 17:19 by jaknife

"What about it, it’s a bond and was issued in 2019 as project structured bond not a corporate structured bond to finance the company to first gas. , so as I’ve been saying so many time the bond had a 3 year none-core period so the company can refinance anytime after that 3 year period.
I do believe you and many other’s don’t really understand this arrangement and the current structure of the £88m bond, so it’s important for all to know these facts before questioning the market."

This is hopelessly naïve of you.

A company is always free to try to refinance at anytime it wishes. However, IOG is not in any sensible position to refinance. To refinance IOG needs to demonstrate to a bank/hedge fund/other lender that it will generate cash over the near future in order repay that loan.

IOG's own House Broker (finnCap) have forecast that IOG's Free cash flow this year will be -£25.7, ie that's a negative cash flow - IOG will consume cash in 2023 of £25.7m. Common sense should tell you that no bank in its right mind would lend money in such circumstances.

Posted at 12/7/2023 17:46 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

− €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 07:36 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!!
Iog share price data is direct from the London Stock Exchange

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