IOG Completes Skipper Acquisition

North Sea-focused energy company Independent Oil and Gas plc has completed the acquisition of 50 percent of license P1609, which contains the Skipper discovery.

Following the transaction, IOG now owns 100 percent of the license and is the license operator. The company intends to start drilling in the license area in the first quarter of 2016. As part of the deal, a consideration of $3 million will be payable at the Field Development Plan approval stage and a further $15 million will be payable shortly after first oil.
 
Mark Routh, CEO of IOG, commented in a company statement:

“We are delighted to have completed this material acquisition. We anticipate the commencement of drilling at the end of January or early February 2016 and look forward to making further announcements in due course.”



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