Genel Energy

Genel Energy Holding Company Limited, with reference to the announcement dated 2 October 2023, is hereby announcing the result of the reverse tender offer to holders of Genel Energy 4 Finance plc’s USD 300 million senior unsecured callable bonds with ISIN NO0010894330. The Company has accepted offers for USD 16.2 million nominal value of bonds with the Maximum Accepted Price set to 93.5 per cent of nominal value.

Cash settlement for the Bonds, including accrued interest, is expected to occur on Friday 13 October 2023. Pareto Securities acted as broker for the Buy-Back Offer.

As I mentioned last week Genel are wisely doing a bit of housekeeping by mopping up the bonds which is a very solid use use of funds and keeps the war chest intact.

IOG

Further to the announcement of 28 September 2023, Chad Griffin and Ian Corfield of FRP Advisory were appointed as Joint Administrators of IOG plc (“IOG”, or “the Company”), (AIM: IOG.L) on 11 October 2023.

The Joint Administrators are now evaluating the Company’s position and are engaged in discussions with its senior secured bondholders and other creditors to consider all available options, including a potential restructuring to protect the operating subsidiaries which are not in administration.

As a result of the Administration, Cavendish Capital Markets Limited and Peel Hunt LLP have informed the Company of their resignations from their roles as Nominated Adviser and broker respectively, with immediate effect. The Company’s shares remain suspended from trading and pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company’s shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement Nominated Adviser.

Again, nothing to add to this news and it is very sad to see that Administrators are now running IOG.

San Leon Energy

Yesterday following the ground breaking deal announced by San Leon on Tuesday I managed to have a chat with SLE CEO Oisin Fanning, it goes a long way to explaining what the deal is all about for the company and how exciting the future is. The link to the interview is below.

Core Finance CEO Interview: Oisin Fanning, San Leon Energy

KeyFacts Energy Industry Directory: Malcy's Blog