North Sea-focused Independent Oil & Gas (IOG) today raised £2 million through its flotation on the Alternative Investment Market (Aim).
The firm, which has three licences in the North Sea containing proven reserves of 3.05 million barrels of oil equivalent, was valued at £14.2m at the share’s admission price of 23.79p.
IOG chief executive Mark Routh said: “We believe Aim will provide an excellent platform from which to deliver on our strategy of growing IOG into a significant North Sea-focused exploration, development and production company.
“The £2m raised allows our assets to be worked up ready for the Blythe field development plan submission, preparation for the Skipper appraisal well, work on the Skipper West prospects and other potential opportunities including in the forthcoming 28th licencing round.”
IOG’s nomad and broker is Charles Stanley Securities.