IOG plc raised £8.5 million through a placing and subscription of 33,800,000 new ordinary shares each at a price of 25 pence with existing and new investors.
BOARD AND PDMR
Certain directors and persons discharging managerial responsibilities (PDMRs) have entered into direct subscription agreements with the company for a total of 200,000 shares raising approximately £50,000.
| Director/PDMR | Role | Subscription amount | Subscription shares |
| Andrew Hockey | CEO | £10,000 | 40,000 |
| Rupert Newall | CFO | £10,000 | 40,000 |
| Fiona MacAulay | Non-Executive Chair | £5,000 | 20,000 |
| Neil Hawkings | Non-Executive Director | £5,000 | 20,000 |
| David Gibson | COO (PDMR) | £10,000 | 40,000 |
| James Chance | Head of Capital Markets & ESG (PDMR) | £10,000 | 40,000 |
PROJECTS
The fundraise was oversubscribed and proceeds will be used on IOG’s projects in the Southern North Sea.
| Kelham North & Central appraisal well | £6.25m |
| Additional drilling contingency | £1.20m |
| Acceleration of technical evaluation of licence P2589 | £0.55m |
| Transaction fees and associated costs | £0.50m |
| Total | £8.50m |