Independent Oil & Gas (LON:IOG) has provided a further update to investors regarding its acquisition strategies.
In a stock market statement IOG clarified an earlier comment that it was in advanced negotiations regarding a “non-producing gas asset in the North Sea”.
It revealed that the talks are with its partner Alpha Petroleum Resources and the asset is the half of the Blythe discovery that the company doesn’t already own.
IOG owns 50% Blocks 48/22b and 48/23a which host Blythe.
“While these negotiations are at an advanced stage there can be no guarantee that the acquisition will complete or upon what terms. Further announcements will be made in due course,” the company said.
In this morning’s strategic update IOG revealed it had been revitalised and had 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”.