Independent Oil & Gas (LON:IOG)
Independent Oil & Gas (LON:IOG) has released it interim results for the six months ended 30 June.
• Cash resources at 30 June: £0.11m (31 December: £0.03m)
• Loss after tax: £1.06m (H1 2015: 0.20m)
Operationally IOG has completed a number of important milestones this year
• Secured a £10m convertible loan with London Oil & Gas to finance asset acquisitions and G&A expenses up to 2018
• Secured a £2m loan from GE Oil & Gas to part fund the Skipper appraisal well, extended the Skipper license until 31 December 2016
• Acquired Alpha Petroleum’s 50% in the Blythe gas site, giving IOG 100% ownership of the asset
• Acquired 100% of the shares of Oyster petroleum, which holds three discovered oil fields known as the Vulcan Satellites.