Chief executive Mark Routh described 2015 as an “important year of significant progress” for Independent Oil & Gas PLC (LON:IOG).
During the year, the company took full ownership and control of the Skipper appraisal asset, which lifted resources by 13mln barrels to 26.2mln barrel.
It also secured important licence extensions, and landed a funding partnership with London Oil & Gas which secured the group’s future.
Now the company is in the advanced stages of planning for the Skipper well.
With the backing of London Oil & Gas it is also continuing to seek new acquisitions.
The company ended 2015 with just £23,000 of cash, though its position was bolstered by the subsequent £10mln London Oil & Gas funding arrangement.
A reversal of a previous impairment on oil and gas properties resulted in a £5.32mln profit for the year, meanwhile admin expenses amounted to around £510,000 and there were £320,000 of share based payments in the year.
“In spite of the exceptionally challenging ongoing market conditions, the company has successfully positioned itself for future growth and with the new financing arrangements has strengthened its position post period end,” Routh said.
“It is now well placed to pursue low risk, value accretive opportunities created in the current market environment.
“We plan to progress the Skipper appraisal well at the earliest opportunity and to pursue a Hub focussed strategy to create an established development and production focused operator delivering excellent value to shareholders over the coming years."