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 […]
Legal
Scotgold could appoint administrators ‘over coming days’
Scotgold Resources Ltd said it could appoint administrators over the coming days after a prospective investor withdrew from financing discussions for the Cononish gold-silver mine. The Australian company, which last week put some of its staff on unpaid leave, also faces action from an unnamed creditor. In a statement today, Scotgold said: “The company has […]
Scotgold staff on unpaid leave
Scotgold Resources Ltd has placed employees on “short term unpaid leave” and is talks with an “administration specialist” while it faces action from a creditor. FINANCING The Australian company continues “financing discussions” to develop its Cononish gold and silver mine and reached an advanced stage with “confirmatory diligence being undertaken”. “These have not yet reached […]
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 […]
Ascent secures insurance for €656.5m claim
Ascent Resources plc has secured after the event (ATE) insurance, in relation to the €656.5 million Energy Charter Treaty damages claim over gas exploration, against the Republic of Slovenia. PRE-EMPTIVE The company began its action after delays to and a dispute over the joint venture project within the Petišovci concession area. An ATE insurance policy […]
Scotgold faces administration without debt repayment plan
Scotgold Resources Ltd, which this morning suspended trading, could within weeks fall into administration if it fails to agree payment plans with all its debtors. FINANCING The Australian company today repeated its warning from March 2023 that its future was uncertain without further funding, although it is “actively seeking additional financing and discussions are in an […]