IOG Receives Skipper License Extension

North Sea focused energy company Independent Oil and Gas plc announced Thursday that the Skipper license in P1609, block 9/21a, has been extended until December 31, 2016, following discussions with the UK Oil & Gas Authority.

IOG has previously stated that it intends to drill an appraisal well on the license as soon as economic conditions allow. In addition to its Skipper update, IOG revealed that it has issued 444,989 new ordinary shares to VSA Capital and an independent third party consultant as payment for advisory services received.

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

"In the context of this very severe oil price downturn, we are grateful for the OGA's pragmatic and supportive stance in extending the Skipper license which we anticipate will enable us to drill the appraisal well later in 2016. Constructive dialogue with the various contractors and funders are progressing well and we anticipate confirming that arrangements remain in place for a rapid resumption of the well drilling process once it makes economic sense to proceed."



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