North Sea driller Independent Oil & Gas (IOG) has raised £150,000 through a share issue as it presses ahead with plans for an appraisal well at the Skipper discovery.
The cash injection means the firm now has funding for its portfolio of assets through to February 2016, apart from the balance of funds for the Skipper well, plans for which it said were at an “advanced stage”.
Chief executive Mark Routh said the fundraising was a “small but important step” for Aim-quoted IOG.
“It allows us to concentrate fully on the completion of funding and all the technical and operational aspects of getting our exciting Skipper well drilled,” he added.
The Skipper discovery, in the northern North Sea, is believed to contain up to 46 million barrels of oil.