- Independent Oil and Gas said it had made a final investment decision on its core project in the UK North Sea.

The company said it had also completed the sell down of a stake in the asset to CalEnergy Resources, as first announced in July.

Independent Oil and Gas had received £40m as initial consideration and CalEnergy's £60m carry of the company's first-phase development costs would commence immediately.

'Alongside our successful €100m bond raise, this confirms us as fully funded for our Core Project, which is projected to deliver over £0.5bn in pre-tax cash flow net to Independent Oil and Gas,' chief executive Andrew Hockey said.

At 3:15pm: [LON:IOG] Independent Oil Gas PLC share price was +3p at 21.75p

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