LONDON, UK: IOG plc, an oil and gas company listed on AIM, has announced that it will be placed into administration after failing to secure additional funding from its bondholders.

The company, which operates assets in the UK North Sea, said that it had filed a notice with the Court today notifying its intention to appoint administrators as soon as reasonably practicable.

The move comes after the company’s developed assets underperformed and left it in a precarious financial situation. The company had been in talks with a representative group of senior secured bondholders and their advisors regarding a potential capital injection and restructuring of the company, but no agreement was reached.

The company said that discussions would continue during the administration with a view to finding a restructuring solution that protects the operating subsidiaries, which are not being placed into administration.

The company also requested a suspension of trading in its ordinary shares on AIM from 2.10 pm on 28 September 2023. The company said that it would not release its interim results for the six months ending 30 June 2023.

Esa Ikaheimonen, Chair of IOG, expressed his disappointment and regret over the outcome, and thanked the IOG team and other stakeholders for their efforts.

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