Further to its 11 September 2020 announcement in relation to a possible all-share offer for the entire issued and to be issued share capital of Deltic Energy, Independent Oil and Gas ("IOG") confirms it does not intend to make an offer to acquire Deltic due to the absence of Deltic Board engagement both on an initial approach made on 26 August (which was rejected on 2 September) as well as on a second approach made on 25 September on improved terms which was rejected on 2 October.

IOG believes that, at the right level, a transaction would have considerable industrial logic, consolidating and scaling up two complementary portfolios with a balance of near-term catalysts and longer-term upside, representing excellent value for both sets of shareholders. However, the Board of IOG is clear that it will remain disciplined in its approach to consolidation opportunities and will not pay over risked fair value for assets, not least given the quality of its own existing portfolio and near-term development opportunities.

IOG remains as firmly focused as ever on safe and efficient execution of its Phase 1 development, which continues to progress on track for first gas in Q3 2021, as well as generating substantial additional shareholder value from the extensive growth opportunities within its existing Southern North Sea gas portfolio, including several further proven gas discoveries, multiple nearby potential incremental investment assets and two further synergistic gas discoveries in the recently released 32nd Round licence offers.

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