Intent to Appoint Administrators & Share Suspension

28 Sep 2023 15:10 CEST

28 September 2023

IOG plc

Notice of Intention to Appoint Administrators and

Suspension of Trading in the Company's Shares

IOG plc ("IOG", or "the Company"), (AIM: IOG.L) announces that, after extensive
consideration of the Company's current financial situation following
underperformance of the developed assets and the resulting creditor position,
the Board has now regrettably concluded that IOG plc should be placed into
administration ("the Administration") in order to preserve the value of the
business for creditors. Accordingly, a notice has been filed with the Court
today notifying the Company's intention to appoint administrators of IOG plc as
soon as reasonably practicable.

In the context of the existing bond waiver which expires on 29 September 2023,
discussions have been held with a representative group of senior secured
bondholders and their advisors regarding a potential additional capital
injection and associated restructuring of the Company. Discussions are intended
to continue during the Administration with a view to a potential restructuring
solution that protects the operating subsidiaries, which are not being placed
into administration.

In light of the above, the Company has requested a suspension of trading in its
ordinary shares on AIM with effect from 2.10 pm on 28 September 2023. The
Interim Results for the six months ending 30 June 2023 will not be released.

Esa Ikaheimonen, Chair of IOG, commented:

"The Board are extremely disappointed to draw this unavoidable conclusion,
having worked exhaustively to overcome the Company's financial circumstances. We
have not found a viable solution that would provide a return to shareholders. We
regret the impact this outcome will have on our many stakeholders. I want to
thank everyone involved, especially the IOG team, for their efforts through this
very challenging period."

Enquiries:

Vigo Consulting iog@vigoconsulting.com
Patrick d'Ancona / Finlay Thomson
Cavendish Capital Markets Limited +44 (0)20 7220 0500
Simon Hicks

Peel Hunt LLP
Richard Crichton / David McKeown +44 (0)20 7418 8900

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.

This information is provided by RNS, the news service of the London Stock
Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary
Information Provider in the United Kingdom. Terms and conditions relating to the
use and distribution of this information may apply. For further information,
please contact rns@lseg.com or visit www.rns.com.

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