London Oil & Gas Goes into Adminstration - LCF Update

By J Drew -
There was a meeting of bondholders with the administrators from Smith & Williamson. It was announced at the meeting that London Oil and Gas Ltd that borrowed £122 million from London Capital & Finance has gone into administration.

https://www.independentoilandgas.com/news_detail.php?Title=London-Oil-and-Gas-(%27LOG%27)-Limited-Update

The administration is being managed by the same team at Smith & Williamson also managing the London Capital Finance administration.

One of the largest loans London Oil & Gas made was to Independent Oil (IOG).  It was interesting to see that London Oil & Gas have the right to appoint 2 board members of Independent (IOG) confirmed in this announcement
Aside from any contractual relationship created by the LOG Loans and the attendant right for LOG to appoint two directors to the Board, IOG and its Board are independent of LOG and the Company has a separate, refreshed and robust governance structure.

 Their CEO Andrew Hockey said this: 
We are delighted to have the support of the Administrators which will help us to proceed to Final Investment Decision on our Core Project. The additional third party validation is further proof of the considerable value of the IOG portfolio which we look forward to unlocking very soon.

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