IOG plc, operator of the Saturn Banks gas project in the southern North Sea, has entered a 12-month extended period of administration. The company last year faced rising costs along with demands to repay postponed interest under a €100 million senior secured bond. IOG appointed administrators in October 2023. Companies House recorded the extension, with […]
Tag: IOG plc
IOG appoints administrators
IOG plc has appointed administrators while its nominated adviser and broker has resigned. NEGOTIATIONS The company operates the Saturn Banks gas project in the southern North Sea as well as incremental assets of P2442 and P2589 and prospects in undeveloped clusters. Since 2022, IOG has faced rising costs and from June 2023 has agreed successive […]
IOG files for administration
IOG plc has filed for administration following “extensive consideration” of its financial situation and the “underperformance” of its developed assets. ISSUES The company, which runs the Saturn Banks gas project in the southern North Sea, has also requested a suspension of trading in its ordinary shares on AIM from 2.10pm today. IOG had been in […]
IOG in talks over €100m bond interest payment
IOG plc said its financial position remained “challenging” with falling gas prices and production while the date nears for €100m bond interest repayments. BLYTHE The company is also in talks “on near-term liquidity and longer-term capital structure solutions” with holders of its senior secured bond as the waiver date of 29 September nears to repay […]
IOG agrees waiver for deferred €100m payment
IOG plc has agreed with bondholders a further waiver to 29 September over certain terms, including interest repayment, of its €100 million senior secured bond. BOARD OBSERVER The company said it had received support from bondholders controlling more than 70% of the voting bonds, representing 100% of the votes cast. The agreement results in the […]
IOG in talks for further waiver on debt
IOG plc is in discussions with bondholders for a further waiver on the postponed interest payment due today under the €100 million senior secured bond. STABILITY The company, which owns the Saturn Banks infrastructure and gas licences in the southern North Sea, deferred the initial payment from 20 June to 31 July. IOG today said […]