North Sea-focused Independent Oil and Gas plc and its wholly owned subsidiary, IOG North Sea Limited, have agreed terms for a new loan with London Oil & Gas Limited for an aggregate amount of up to £800,000 ($1.21 million).
The loan will provide additional funds to be invested in the company's gas assets in the Southern North Sea and will allow for additional contingency for the upcoming Skipper appraisal well, which is already fully funded.
Mark Routh, CEO of IOG, commented in a company statement:
"We are pleased to have agreed this additional loan from London Oil & Gas. It will enable us to further de-risk and add value to IOG's Southern North Sea asset portfolio. It will also fund corporate needs for 2016 and provide an extra layer of contingency for the fully funded Skipper appraisal well."
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