Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Independent Oil and Gas PLC - revitalised and eyeing opportunities

IOG said it has now “refined” its strategy following the £13.55mln infusion of cash from London Oil & Gas.
north sea platform in choppy waters
The company will look outside the North Sea if right deal comes along.

A revitalised Independent Oil and Gas PLC (LON:IOG) has identified “a number of opportunities” after completing a refinancing that has provided the AIM-listed group with the funds to pick up assets and projects at knock-down prices.

IOG said it has now “refined” its strategy following the £13.55mln infusion of cash from London Oil & Gas (LOG), which includes the possible acquisition of “complementary near term oil and gas developments and low risk production assets in the North Sea”.

It will also consider “compelling opportunities” outside its area of expertise, and it told investors it is already carrying out due diligence on a “number of assets/opportunities”.

One, for a non-producing gas asset in the North Sea, is at a “particularly advanced stage”.

"We are delighted to complete the LOG financing transactions,” said IOG chief executive Mark Routh.

“The company is now well-funded with a strong balance sheet and access to finance to pursue a number of low risk, value accretive opportunities created in the current market conditions. 

“We are working closely with LOG, who have an excellent track record and a wealth of experience to identify and progress near term opportunities and I look forward to updating shareholders on the Company's progress in due course."

Separately, IOG said a share sale agreement with AGR Well Management could have some upside as AGR has agreed to split any profit it makes selling the stock.

Ian_55ae0ddd437b7.jpg


Register here to be notified of future IOG Company articles
View full IOG profile

Independent Oil & Gas PLC Timeline

Related Articles

shutterstock_307983431_56fcfe530f76e.jpg
March 31 2016
With USOP’s apparent period of inactivity coming to an end, however, McDonnell strikes an enthusiastic tone as he talked Proactive Investors through plans that could add much needed materiality to its much speculated upon potential.
drillrigarty.jpg
October 18 2016
Drilling will begin late this quarter and is expected to take between 45 and 60 days.
Prime Minister David Cameron supports fracking in the UK, he is pictured at a IGas Energy shale well site.
March 16 2016
A 25% drop in production costs and oil sales above $60 are the obvious, somewhat cherry-picked highlights of 2015's financial results.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.