Independent Oil and Gas secures acquisition funding

Independent Oil and Gas secures acquisition funding

Independent Oil and Gas (LSE:IOG) announced it has secured £13.6 million in funding to pursue its North Sea acquisition strategy.

The financing from London Oil and Gas will service acquisitions of near term oil and gas developments and low-risk production assets in the North Sea.

The development-focused company said it has identified a number of opportunities and they are undergoing due diligence.

“The Company is now well-funded with a strong balance sheet and access to finance to pursue a number of low risk, value accretive opportunities created in the current market conditions,” said IOG CEO Mark Routh.

“We are working closely with LOG, who have an excellent track record and a wealth of experience to identify and progress near term opportunities and I look forward to updating shareholders on the Company’s progress in due course.”

IOG also said it would consider opportunities outside of the North Sea.

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