Independent Oil & Gas plc

finnCap have advised Independent Oil and Gas plc (AIM: IOG.L), the development and production focused oil and gas company, on their £16.6 million. finnCap also advised on their further raise of up to £2.0 million by Open Offer.

Andrew Hockey, CEO of IOG commented:

“I am very pleased that we have raised an additional £2 million through the Open Offer process and would like to thank our shareholders for their continued support.

Our institutional placing, announced 1 April 2019, provides the Company with the necessary funding to drill our Harvey appraisal well as well as progressing and enhancing our Core Project ahead of FID funding from either a farm-out or the capital markets. As part of this fundraise, the Board wanted to provide our existing shareholders the opportunity to purchase shares in the Company at the same price as our new institutional holders and I am happy to see shareholders have taken this opportunity to participate in the process.

Independent Oil & Gas has two key value inflection points in the coming months; firstly delivering the development funding for our Core Project through either an industrial farm-out or a capital markets option and secondly, the drilling of our high-impact Harvey appraisal well. I look forward to providing updates on both of these in due course.”