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Independent Oil and Gas bids for production alongside new partner

26/09/2014 by


Independent Oil and Gas has unveiled a new partnership as it prepares to add new producing assets in the UK Continental Shelf.

It is teaming up with Ping Petroleum, a South East Asia based private independent explorer & producer (E&P).

Several properties that could potentially be acquired have already been evaluated by the new partners, IOG revealed.

Indeed, one bid has already been made by the partners. This project has the backing of a large institution that will provide debt funding. As a result additional financing may not be required if the acquisition goes ahead.

"We are delighted to have agreed the MOU with Ping and look forward to working with Ping's team with the aim of delivering the acquisition of one or more producing assets, revenues from which will reduce our capital needs, maximise tax efficiency and minimise shareholder dilution,” said IOG chief executive Mark Routh.

"We will keep shareholders abreast of developments with this strategy as they occur and also look forward to providing a further update with the publication of our interim statement scheduled for 30th September 2014."

IOG expects any acquisition of production to benefit from tax efficiencies with its existing exploration and development activities – particularly the planned drilling on the Cronx and Skipper projects next year.

The company told investors that those programmes would generate significant capital allowances that could be offset against production revenue.

Money generated from production would also boost drilling plans by reducing the company’s need for additional funding.

The respective management teams of IOG and PING are known to each other from prior working relationships.

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