Independent Oil and Gas (IOG) shares rose sharply today after the company announced it had secured £13.6m for an acquisition spending spree.
With financing from London Oil and Gas (LOG), Aim-listed oil group is targeting near-term oil and gas developments and low-risk production assets in the North Sea. The company said it would also consider opportunities outside of the North Sea.
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IOG said a number of assets have been identified by the company and are undergoing due diligence.
Mark Routh, chief executive of IOG, said: "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."
“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."
Shares in IOG closed at 10.5p on Tuesday. On the morning of the announcement they rose to heights of 12.5p - up 19 per cent.