Independent Oil and Gas (IOG) is in talks to secure funding for its North Sea exploration.
The firm confirmed it was currently raising short-term funding to cover its activities through the end of July.
IOG currently has stakes in the Blythe, Skipper and Cronx fields.
A company spokesperson said: “Long term financing discussions on the funding of Skipper, Cronx, Elgood and Blythe through to production are progressing well with an internationally listed group with a multi-billion dollar market capitalisation and all parties continue to work towards completion of the transaction by 15 August 2015.”
Post completion of the Cronx acquisition IOG will have five licences in the North Sea. Four of these licences will now be owned 100% by IOG and subject to DECC/OGA approval will be operated by IOG.
The firm hopes to start a Cronx drilling campaign next year. IOG believes the site has the potential to be larger than the 17.6 BCF base case in the CP.