North Sea focused group Independent Oil and Gas says it has raised £2million after launching onto the Alternative Investment Market today.
The company, which has three licences in the North Sea, is now looking to land a fourth in the region ahead of the 28th licencing round in January.
The money raised from the listing, which valued the firm at £14.2million, will be used to fund the development plans submission for the Blythe North Sea field, which Independent Oil and Gas has a 50% stake in.
“We are delighted to have successfully concluded our fund raise and to be announcing the commencement of the trading of our shares on AIM,” said chief executive Mark Routh.
“The £2million 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.”
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