Independent Oil and Gas Raises Funds, Most Assets Covered to Feb 2016
North Sea-focused Independent Oil and Gas plc announced Wednesday that it has raised £150,000 ($231,792) with “certain investors”, through the issue of 2,142,858 new ordinary shares, which will provide the company with funding for most of its portfolio of assets through to February 2016.
Although the funding does not cover the Skipper well, Independent Oil and Gas has stated that it “continues to make good progress towards commencing the drilling of the Skipper well later this year” and said in a company statement that planning and funding discussions for this well are “at an advanced stage”.
Mark Routh, CEO of Independent Oil and Gas, commented in a company statement:
“This is a small but important step for Independent Oil and Gas. It allows us to concentrate fully on the completion of funding and all the technical and operational aspects of getting our exciting Skipper well drilled. We look forward to providing a further operational and financial update in due course.”