Independent Oil & Gas set to short term funds in 'next few days'

Independent Oil and Gas is yet to receive funds from an undisclosed investor who acquired shares in the company in June, the oil and gas group said on Monday.

In a short statement, the London-listed company said it has been assured it will receive the funds within the “next few days”.

In June, Independent Oil and Gas issued 609,500 new shares in the company to an investor at 23.79 pence per share in a bid to raise £145,000 to ensure it had sufficient funds while it tried to secure long-term financing for its North Sea projects.

The payment was expected to be completed no later than 17 July but last week Independent Oil and Gas said it was yet to receive the sum.

However, on Monday, the group said it had "received confirmation from the investor that it has the available funds and that payment should be received within the next few days.”

Meanwhile, the AIM-listed company said it was in the process of securing a long-term financing deal with "an internationally listed group with a multi-billion dollar market capitalisation", which is expected to subscribed for 30m shares at 23.79p each, rising approximately £7.1m.

Upon completion of the deal, the funding partner would take control of a 29.9% stake in the company.

Independent Oil & Gas shares were up 2.10% to 18.25p at 1027 BST on Monday.