IOG
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
IOG plc (Independent Oil and Gas) was a UK North Sea gas development company listed on London's AIM market. It developed and produced natural gas from offshore fields in the Southern North Sea, with all its operating assets co-owned 50:50 with its joint venture partner CalEnergy Resources. The company carried a £100 million bond on its balance sheet.
02 / IOG FAILURE REASONS
Failure factors
board cited financial situation after underperformance of developed assets and the resulting creditor position; FRP Advisory case study (5 Sep 2024) adds failure of a significant development project caused substantial losses and unsustainable ~£100m bond debt, with failed restructuring/sale attempts before administration.
underperformance of developed assets drove adverse creditor position.
unsustainable ~£100m bond debt after failed development project; restructuring attempts failed.
03 / EVENT HISTORY
Events in the structured record
- Asset restructuring
administration started ~10–11 Oct 2023; Chad Griffin and Ian Corfield (FRP) joint administrators. Preceded by 28 Sep 2023 NOI (Cision).
- Asset restructuring
sale of IOG North Sea/Infrastructure/UK subsidiaries completed 30 Aug 2024 during administration; bondholders expected ~12p/£ — insolvency-estate disposal.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Heavy investment in a development project fails to deliver
- 02
Losses and £100M bond debt become unsustainable
- 03
IOG plc enters administration, Oct 2023
- 04
Operating subsidiaries sold to CalEnergy for £10M, Aug 2024; parent stays in administration