Independent Oil and Gas to Acquire Skipper Discovery

Independent Oil and Gas (IOG) announced Wednesday that it has signed an agreement to acquire the 50 percent of license P1609 containing the Skipper discovery, from Alpha Petroleum Resources.

Upon completion of the acquisition, which is subject to confirmation of funding and regulatory approvals, IOG will become the operator and own 100 percent of the license. The transaction will result in IOG’s independently verified 2C resources increasing by 13.1 million barrels of oil.

Independent Oil and Gas CEO Mark Routh commented in a company statement:

“We have been working hard to secure full ownership of this highly attractive license and to secure the necessary funding. We are delighted to be making positive progress on both fronts and look forward to updating shareholders on our financing in the near future.”

IOG has proposed an initial work program to drill a commitment well on the license in mid-2016, which is subject to a license extension. The Skipper oil discovery is in Block 9/21a in the Northern North Sea.

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