UK North Sea-focused junior energy firm Independent Oil and Gas plc announced Thursday that it has executed a well management contract with AGR Well Management Limited for the drilling of an appraisal well. The well – on the Skipper discovery – is on track to spud in late January or early February.
AGR's payment for the work will be satisfied by a combination of shares and cash, Independent said.
Commenting on the transaction, Independent CEO Mark Routh said in a company statement:
"We are delighted to have signed the well management contract with AGR and are working hard to finalize the rig contract in the near term. We look forward to updating shareholders in due course."
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