IOG Secures Funding for Skipper Well, Sets Spud Date

Independent Oil and Gas plc and its wholly owned subsidiary, IOG North Sea Limited, have entered into two loan agreements worth up to $7.15 million with GE O&G and London O&G, which will help fund the drilling of the Skipper appraisal well in late January or early February 2016.

In a show of industry support for the Skipper development, IOG has also made an agreement with a “major” service contractor with significant deferral, according to a company statement, and the company is anticipating entering into further contracts with “a number” of other service and equipment providers on deferred payment terms. Additionally, Weatherford Technical Services Limited has agreed to extend the maturity date for its outstanding loan of approximately $2 million until December 30, 2016.

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

“We are delighted to have secured this loan funding along with very significant contractor deferrals, demonstrating industry’s support for the Skipper project. Subject to completion of certain contracts we are now fully funded to drill this transformational well early in 2016 and look forward to reverting with the final details shortly.”



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Lundin Norway Makes Oil, Gas Find in B... (Feb 24)
 -  PSA: Norway's Petroleum Industry Must ... (Feb 24)
 -  Sound Energy Progresses Tendrara Drill... (Feb 24)
 -  Lukoil Finds Oil at Iraq Well (Feb 22)
 -  Gazpromneft-Sakhalin: Ayashsky License... (Feb 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Drilling Engineer
Expertise: Drilling Engineering|Petroleum Engineering|Workover or Completion
Location: Midland, TX
 
Derrick Worker-Workover Rigs
Expertise: Derrickman|Workover or Completion
Location: Sidney, MT
 
Crew Chief
Expertise: Crew Chief|Workover or Completion
Location: Williston, ND
 
search for more jobs

Brent Crude Oil : $56.58/BBL 1.32%
Light Crude Oil : $54.45/BBL 1.60%
Natural Gas : $2.62/MMBtu 1.15%
Updated in last 24 hours