UK IOG Strengthens Finance Team ahead of Cashflow

UK upstream minnow Independent Oil & Gas has made two senior appointments as it nears first gas production from its North Sea projects, it said November 26. It took the final investment decision on its core project late October.

Rupert Newall, a former investment banker with 25 years in the upstream oil and gas industry, has been appointed CFO and the current CFO James Chance has been appointed head of corporate finance and investor relations. It is intended that Newall will join the IOG board following satisfactory completion of regulatory due diligence. 

Chance took on the role of CFO in September 2017 and led a number of key processes and transactions for the company, culminating in the €100 ($110)mn bond issue in September 2019. Before IOG, he was a director in the oil and gas team at Standard Chartered Bank, with an upstream focus.

CEO Andrew Hockey said that Newall's "commercial and financial expertise will be crucial as we transition IOG into a cash generative production company and develop it beyond our fully funded Core Project."

Meanwhile, he said Chance will "play a key part in developing the company in his new role. We are very excited about the future of IOG and the value we can deliver to shareholders from our core portfolio that is now fully funded to cashflow."