Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Independent Oil and Gas spikes share price with talks

Post Thumbnail

A North Sea-focused energy company saw its share price spike yesterday after revealing it had raised enough money in a share placement to meet a loan repayment in September.

The share price of Independent Oil and Gas (IOG) rose 14% yesterday as it confirmed it was still in talks with an “internationally listed group, with a multi-billion dollar market capitalisation” for a longer-term funding solution.

The AIM-listed firm said the £145,000 raised through the share placement made it “adequately funded” until September 4 – the deadline for a final repayment of £358,155 to specialist lender, Darwin Strategic.

Darwin, part owned by Henderson Investors and Investec, specialises in offering unusual “self-directed equity issuance structures” for companies listed on the junior market.

IOG said it had instructed Darwin to sell 1.47mln shares at a premium price in order to partially repay a loan and also provide two months of additional working capital.

IOG also said long-term discussions on the funding of its Skipper, Cronx, Elgood and Blythe assets through to production were progressing well and was on track to complete August 15.

Chief executive Mark Routh said: “We are delighted to have secured further short-term funding providing stability for the company while we progress our long-term funding discussions and projects.”

Mr Routh was joint managing director at CH4 Energy at the time it was sold to Venture Production in 2006 for £153million before founding IOG in 2011.

Earlier this month, IOG bought out its partner in one of its fields, Skipper. Alpha Petroleum Resources, formerly known as ATP, was a joint partner in the field and was snapped up last December by Petroleum Equity after the firm’s parent company in the US filed for bankruptcy protection.

The company will publish its annual report and accounts on June 30.

Recommended for you

More from Energy Voice

Latest Posts