Investors back out of Independent Oil and Gas Deal
Posted on: 12/08/2015

Independent Oil & Gas is facing an extremely tough time as almost £4.4m was wiped off their value earlier this week following a withdrawal from an investor on account of falling oil price.

The North Sea firm is now preparing themselves for their biggest fall in years with shares already plunging by more than 50% it is difficult to envision the company continuing trade as normal.

The failed investment was for $10m equity at 23.79p from a multi-billion dollar firm, however they backed away from the letter of intent as issued in May in fear of another fall in crude oil prices.

Mark Routh, Chief executive of Oil and Gas said: “The decision from our potential investor is unexpected based on the progress made to date and clearly disappointing. It is a decision based on external factors and not a reflection on our team and assets.”

Following this situation Independent Oil & Gas have revealed that their short-term priorities are focused around securing funding for the Skipper commitment- securing a licence extension and buying out Alpha Petroleum from the project.

This is a dramatic time for the company and at Blueprint we hope that stakeholders do not experience a harsh impact.

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