Green light for IOG's North Sea Core project development

Independent Oil & Gas (IOG) has taken a final investment decision on the first phase of its Core project to develop six gas discoveries in the UK’s southern North Sea after completing a farm-out deal with co-venturer CalEnergy Resources.

London-listed IOG is now fully funded for the multi-field development after receiving an initial payment of £40 million ($51.4 million) from CalEnergy for a 50% stake in the project, having also separately raised €100 million ($111 million) in a bond issue.