Independent 'Makes Progress' Towards Drilling Skipper Well

Junior energy firm Independent Oil & Gas reported Thursday that it has made "significant progress" towards drilling a well on the Skipper license in the UK North Sea. The company also said that it has been in discussions with several investors to fund any shortfall in the costs of the well.

Independent said that terms have been agreed in principle for a semi-submersible rig contract and that it has also agreed terms with AGR Well Management, which is expected to be the well operator on the drill.

The main aim of the well is to retrieve an oil sample in order to design the optimum field development plan, Independent said. Skipper has independently verified gross 2C resources of 26.2 million barrels, based on a 19-percent recovery factor, which Independent believes to be conservative. The appraisal well will also target two exploration prospects directly beneath the Skipper oil discovery which may contain additional oil in place of 46 million barrels.

As well as the ongoing discussions with its investors, Darwin Strategic has agreed to extend the outstanding balance of its loan – amounting to $550,000 – to Dec. 7 2015 without any interest or penalties.

Independent CEO Mark Routh commented in a company statement:

"I am very pleased with the indications of support we have had from the contractor and oil service community towards getting this transformational yet low risk well, funded and drilled, which could increase our reserves from three million barrels of oil equivalent to more than 30 MMboe.

"We are working hard to address our funding position with significant progress being made.  I look forward to providing an update shortly."

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