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.”


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