Independent Oil and Gas (IOG) has announced plans to pay back £22.4million in debt to its collapsed lender London Oil and Gas (LOG).
London Oil and Gas
Independent Oil and Gas said today that it was not affected by the UK financial watchdog's investigation into London Capital and Finance.
Faroe-based Atlantic Petroleum has struck a deal to sell its take in the North Sea Orlando licence to a former boss at First Oil for $1million (£822,300).
Independent Oil & Gas made a profit in 2015 and said it believes it can continue to make money in the North Sea with a lower oil price.
Shares in Independent Oil and Gas (IOG) are up nearly 23% today after the firm, which owns 50% of the Blythe gas field in the southern North Sea and 50% of the Skipper licence south east of the Shetlands, said it had conditionally agreed a £10million loan.
Independent Oil & Gas has agreed on a £10million loan deal with London Oil & Gas.
Independent Oil and Gas has agreed an additional £800,000 loan from London Oil & Gas, adding to the £2.75million it has already provided to fund the Skipper appraisal well.