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Independent Oil & Gas settles bond funding, looks forward to Harvey well analysis

The North Sea firm is on-track to fund its core North Sea gas hubs development.

Independent Oil & Gas PLC - Independent Oil & Gas settles bond funding, looks forward to Harvey well analysis
Bright skies on the horizon for IOG as it advances core gas projects

Independent Oil & Gas PLC (LON:IOG) told investors that on 20 September it settled its €100mln senior secured bond, which sees the North Sea firm on-track to fund its core development project.

Chief executive Andrew Hockey, in a statement, said: “We are pleased to have completed the settlement process for our €100mln bond raise, which with the proceeds to come from our farm-out to CalEnergy Resources Ltd will ensure we are fully funded for our core project.”

READ: IOG outlines North Sea gas ambitions

IOG also highlighted that following completion of the Harvey appraisal well the Maersk Resilient jack-up rig went off contract in the early hours of 19 September.

The Harvey appraisal confirmed a 49ft gas column and data gathered from the well will be used in ongoing analysis into a technical assessment of the project’s reservoir gas volumes and deliverability.

“We are also delighted to have completed the drilling of the Harvey appraisal well safely and without incident and look forward to sharing the results of the well analysis in due course," Hockey added.

Independent Oil & Gas’s Andrew Hockey presented at Proactive’s Oil Capital Conference on 12 September.



Quick facts: Independent Oil & Gas PLC

Price: 11.375 GBX

Market: AIM
Market Cap: £54.62 m

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Independent Oil & Gas: CEO Andrew Hockey at Proactive's Oil Capital Conference

Independent Oil & Gas (LON:IOG) CEO Andrew Hockey presents to investors at the Proactive Oil Capital Conference in London. IOG's focused on supplying gas safely to the UK energy market through its own infrastructure to become a 'material' UK gas producer. For more information visit...

on 17/2/20

2 min read