25th Feb 2019 12:28
LONDON (Alliance News) - Independent Oil & Gas PLC on Monday said it remains focused on reaching a final investment decision on its two-phase Southern North Sea core project.
Independent Oil & Gas shares were trading down 9.5% at 10.40 pence each.
"Having demonstrated our core project's technical readiness and proven the integrity of our high-capacity Thames Pipeline, we have created an excellent opportunity to bring in an established and well-funded industrial partner on competitive terms. We are encouraged by the strong interest and engagement from a number of recognised parties to date as we focus on securing an attractive transaction which would fundamentally reduce our further funding needs for the final investment decision," Chief Executive Officer Andrew Hockey said.
He added: "The team continues to be highly focused and motivated to reach FID as soon as possible. While acutely conscious of timing, our core goal is to ensure we deliver best value for shareholders from our exciting Southern North Sea gas portfolio."
The company's funding strategy includes different potential pathways to achieve the "best value" for the project, including industrial or capital markets.
In the meantime, the company said it continues to "engage constructively" with London Oil & Gas, with which it has signed a GBP15 million facility, to gain support for its portfolio.
The company currently has GBP3.9 million undrawn under the facility.
Related Shares:
IOG.L