NORTH Sea-focused RockRose Energy has elevated the stress on takeover goal Independent Oil & Gas because it seems to be to proceed its fast enlargement by providing to amass debt owed by the agency.
RockRose stated it had made a £40 million supply to amass all of the debt owed by Independent to the primary funder of the enterprise, London Oil & Gas.
The transfer got here weeks after Independent snubbed a £26m takeover proposal for the agency made by RockRose Energy, which is predicated in London.
Independent stated the proposal was opportunistic and materially undervalued the corporate and the potential of its acreage within the North Sea. This accommodates finds that Independent hopes to deliver into manufacturing
RockRose stated then it could not make a suggestion for the shares in Independent Oil & Gas, which it claimed may wrestle to boost the funds wanted to understand its plans.
However, the supply to purchase the debt owed by Independent may present one other route for RockRose to take management of the agency, which is dealing with potential funding problems.
Independent has discovered itself within the highlight because of developments at London Oil & Gas, which was funded by a agency that went into administration after elevating £236m from buyers following the sale of mini-bonds.
The Serious Fraud Office just lately launched a probe into the agency involved, London Capital & Finance, and 4 people related to it.
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Independent famous final Tuesday that London Oil & Gas was anticipated to enter administration that day. It stated then the phrases of its loans from London Oil & Gas remained unchanged.
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