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.