26 November 2019
Independent Oil & Gas plc
Independent Oil and Gas plc ("IOG" or the "Company"), the development and production company focused on becoming a substantial UK gas producer, is pleased to announce the appointment of Rupert Newall and James Chance in new senior roles.
Rupert Newall has been appointed Chief Financial Officer with immediate effect and current CFO James Chance has been appointed Head of Corporate Finance and Investor Relations. Rupert and James will both continue to serve on IOG's Executive Management Committee. It is intended that Rupert will join the IOG board following satisfactory completion of regulatory due diligence.
Rupert joined IOG in November 2018 and has over 25 years of finance and advisory experience in the upstream oil and gas industry, primarily in investment banking where he has provided strategic, transactional and financing advice to a broad range of E&P companies and majors. His investment banking career included roles at Deutsche Bank, Bank of America and BMO Capital Markets where he was Co-Head of Investment & Corporate Banking EMEA. Rupert's extensive upstream experience includes corporate and asset transactions, strategic advisory, equity and debt capital markets and restructuring. Rupert has a BA in Economics from Cambridge University.
James joined IOG in July 2015 and took on the role of CFO in September 2017. He has led a number of key processes and transactions for the Company, culminating in the €100 million bond issue in September 2019. Prior to IOG, James was a director in the oil & gas team at Standard Chartered Bank, managing relationships with E&P and integrated energy companies across corporate finance, advisory, financial markets and transaction banking. He previously held a similar role at Standard Bank and prior to that was an advisor to financial and energy companies operating in the MENA region. James holds an MBA from London Business School, a BA from Oxford University and a PhD from London University.
Fiona MacAulay, Independent Non-Executive Chair of IOG, commented:
"I am delighted to confirm these new appointments which reflect the senior talent we have, the progress IOG has made this year, and the exciting work that lies before us. Rupert has been an invaluable member of the senior management team over the past year, most notably leading the successful farm-out process. Rupert's extensive experience will be key as we deliver the Core Project and grow further by adding attractive reinvestment opportunities to the portfolio.
James has been a key part of IOG's management team over the past 4 years and played a vital role in transforming the Company's prospects during 2019 in particular. In conjunction with the farm-out, the successful bond issue he led ensured our Core Project is fully funded. I am delighted that he will take on this important role as we move IOG into the next phase and I look forward to continuing our work together."
Andrew Hockey, CEO of IOG, commented:
"Rupert's commercial and financial expertise will be crucial as we transition IOG into a cash generative production company and develop it beyond our fully funded Core Project. We have a highly effective senior management team at IOG and James will play a key part in developing the company in his new role. We are very excited about the future of IOG and the value we can deliver to shareholders from our core portfolio that is now fully funded to cashflow."
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
Independent Oil and Gas plc +44 (0) 20 3879 0510
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR)
finnCap Ltd +44 (0) 20 7220 0500
Christopher Raggett, Simon Hicks (Corporate Finance)
Camille Gochez (Corporate Broking)
Peel Hunt LLP +44 (0) 20 7418 8900
Vigo Communications +44 (0) 20 7390 0230
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe² at Goddard and is in the process of updating its management estimate of gas resources at Harvey. Alongside this IOG continues to pursue value accretive acquisitions to generate significant shareholder returns.
1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression
2ERC Equipoise Competent Persons Report: October 2018