3 August 2023

IOG plc

Approval of Bond Waiver

IOG plc ("IOG", or "the Company"), (AIM: IOG.L) confirms that bondholders controlling 70% of the Voting Bonds (representing 100% of the votes cast) have now voted in favour of the Bond Waiver Agreement described in the RNS of 2 August 2023, meaning this has now been formally approved.

Rupert Newall, CEO, commented:

"We appreciate the bondholders' approval of this waiver, which applies to the end of September. This will enable us to continue our dedicated efforts to address the challenges facing the business and deliver an outcome in the best interests of all stakeholders. We will keep the market updated on further progress in subsequent announcements at the appropriate times." 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

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About IOG:

IOG is a UK developer and producer of indigenous offshore gas. The Company began producing gas in March 2022 via its offshore and onshore Saturn Banks production infrastructure. In addition to its production assets, IOG operates several UK Southern North Sea licences containing gas discoveries and prospects which, subject to future investment decisions, may be commercialised through the Saturn Banks infrastructure. All its assets are co-owned 50:50 with its joint venture partner CalEnergy Resources (UK) Limited. Further details of its portfolio can be found at www.iog.co.uk.