21st Oct 2015 07:55
LONDON (Alliance News) - Independent Oil and Gas PLC Wednesday said it has raised GBP150,000 through the issue of 2.1 million shares at 7 pence each.
The company said as a result of the raising it now has the necessary funding for its portfolio of assets through to February 2016, apart from the balance of funding for the upcoming Skipper well.
"IOG continues to make good progress towards commencing the drilling of the Skipper well later this year with planning and funding discussions at an advanced stage," it said.
"This is a small but important step for IOG. 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," Chief Executive Mark Routh said in a statement.
Shares in IOG were trading up 1.6% at 7.75 pence Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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