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01 Apr 2019 | 13:38

Independent Oil & Gas raises £16.6m from share issue

Independent Oil & Gas said it had raised £16.6m from a share to allow it to drill an appraisal well at its Harvey prospect in the UK, expected to spud in mid-2019.

New shares in the company were issued at 10p each.

The total remaining cost of the well was around £9.6m.

In addition, around £2.5m of the proceeds would be be used to fund continued work on a field development plan for the Goddard gas field.

The remainder of the funds would be used for general working capital purposes.

At 1:38pm: (LON:IOG) Independent Oil Gas PLC share price was -3.13p at 14p

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