We are updating our valuation to incorporate the transformational farm-out of 50% of IOG’s Southern Northern Sea asset (apart from Harvey) to CalEnergy Resources (CER). CER is affiliated to Berkshire Hathaway where Warren Buffett is the main shareholder and CEO. With a £40 mm upfront payment plus a £88 mm bond and 80% of its share of capex (capped at £125 mm) paid by CER, IOG is funded to first gas in July 2021.
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- Published:
16 Aug 2019 -
Author:
Stephane Foucaud -
Pages:
4
We are updating our valuation to incorporate the transformational farm-out of 50% of IOG’s Southern Northern Sea asset (apart from Harvey) to CalEnergy Resources (CER). CER is affiliated to Berkshire Hathaway where Warren Buffett is the main shareholder and CEO. With a £40 mm upfront payment plus a £88 mm bond and 80% of its share of capex (capped at £125 mm) paid by CER, IOG is funded to first gas in July 2021.