In all, Independent, which owns assets in the North Sea, has issued options over 628,496 shares that can be exercised at 1p. The close on Thursday was 11.54p.
The options are in place of salary and fees for the five months to the end of February.
Yesterday, Independent told investors that it is making progress with its farm-out talks and said it expects a project funding decision in the first half of 2019.
The company recently raised £16mln and saw off unsolicited takeover attempts from RockRose Energy.
The cash injection will fund the drilling of a well at the Harvey project, which will spud in the middle of this year.
IOG has also earmarked cash to pay for its development plan for the Goddard gas field.