News

International Oil and Gas Technology Limited - Interim Results

International Oil and Gas Technology Limited (LSE:OGT), an authorised closed-ended investment company incorporated in Guernsey, announces its interim results for the six months to 30 June 2012.

Highlights

• Net Asset Value ("NAV") increased by 0.9% to US$10.39 (31 December 2011: US$10.30)
• Progress in building value across the investment portfolio
• Strata has been affected by the slowdown in the Canadian drilling market but is expanding internationally. No expected impact on long-term value and realisation plans
• Crest Energy Services has increased revenues and is investing in new equipment
• SR2020 has transformed its market position, leading to considerably increased demand for its range of specialist seismic services.

Christopher Hill, Chairman of International Oil and Gas Technology Limited, said,
"The first six months of 2012 have been marked by considerable progress in building value in the portfolio companies. The focus of the Company has been on consolidating their performance. In each case, we have concentrated on building a solid, repeatable business base and providing support for growth via considered injections of growth capital."

David Sefton, Partner at Linton Capital, said,
"During the period, we have concentrated on developing the strength and scale of the Company's three portfolio investments, Strata, Crest and SR2020. We are pleased to report that all three companies, although operating with differing market drivers, have demonstrated to their customers the value of service excellence and focused technology-driven solutions. We are confident that SR2020 has the potential to become one of the Company's most successful investments."

In this statement of interim results, all references to currency are to the lawful currency of the United States of America unless otherwise stated

 

For further information:

Investment Manager and media enquiries
Linton Capital LLP
David Sefton	Tel: +44 20 3384 8090
dsefton@linton-capital.com
Corporate Broker
Numis Securities
Nathan Brown	Tel: +44 20 7260 1426
n.brown@numiscorp.com

 

A copy of the Company's Condensed Interim Report and Accounts will be posted to shareholders and will shortly be available on the IOGT website: www.international-ogt.com

Notes to editors:

International Oil and Gas Technology Limited

International Oil and Gas Technology Limited ("IOGT") is an authorised closed-ended investment company incorporated in Guernsey. IOGT invests expansion capital into companies that provide services and technology to the upstream oil and gas industry.

IOGT was admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange on 7 January 2008. Its stock market EPIC is OGT.L.

Further information can be found at www.international-ogt.com