The cash will allow the company to farm in to its partner Nexen’s interests on some of its licences, also giving it operatorship at the Point of Ayr area off North Wales.
Chief executive Andrew Austin said: “The proposed fundraising will help us accelerate the development of IGas by increasing our assets and bringing forward our production plans.”The placing was underwritten by Peter Levine, the chairman of Imperial Energy, who also upped his interest in the company.
IGas
