Independent Oil & Gas investor fails to stump up placing cash

North Sea focused oil and gas company Independent Oil and Gas (IOG) said it had not received the funds it raised from a new share issue last week.

On 22 June, 2015, the AIM-listed company raised £145,000 from an unnamed third party to be paid on 30 June, however the cash has not been received.

"The company is in ongoing dialogue with the third party to confirm when the funds will be received," IOG added.

In the meantime the company's chief executive and finance director have agreed to subscribe to £50,000 of new shares to provide some short term funding to tide its working capital over until the end of July 2015.

Furthermore, discussions about funding IOG's Skipper, Cronx, Elgood and Blythe properties through to production stage are "progressing well" and expected to be concluded by mid-August with another third party described as an "internationally listed group with a multi-billion dollar market capitalisation".