IOG Gets 3-Month Skipper License Extension

Independent Oil and Gas (IOG) has been granted a three month extension for the Skipper license, located in the North Sea, by the Oil and Gas Authority (OGA). The extension to December 31, 2015 was agreed after IOG, which is pursuing a contractor led funding approach to drill the Skipper commitment well on the license, presented the OGA with its progress with certain contractor discussions.

IOG has stated that it is in discussions with several contractors regarding the provision of well services and equipment on a full cost deferral basis and also with several parties regarding potential loan finance to bridge any funding gap relating to the Skipper commitment well. The company also revealed that it has received a rig proposal that includes a partial deferment of the costs and could allow the well to be drilled later this year, subject to full funding of the rig contract and the well permitting process.

The company aims to drill the Skipper well as 100 percent owner, which requires completion of the agreement to acquire 50 percent of the license from Alpha Petroleum. Alpha has agreed to extend the deadline for completion of the acquisition by one month to October 7, 2015. The OGA also granted a 15 month license extension, to December 31, 2016, for the joint venture Blythe project, which is owned 50/50 by Alpha Petroleum and IOG.

Mark Routh, CEO of IOG, commented in a company statement:

“This remains a challenging time to fund and drill wells in the North Sea, but we are very pleased with the support we have had from the OGA in extending both licenses and from the contractor community to help us get the exciting Skipper well drilled.”

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