28th Aug 2015 08:47
LONDON (Alliance News) - Independent Oil & Gas PLC Friday it has agreed an extension to the Skipper licence in the North Sea by three months to the end of 2015 with the Oil and Gas Authority.
The North Sea focused oil and gas company said it is pursuing a contractor led funding approach to drill the Skipper well, and it has received a rig proposal that includes a partial deferment of costs that could allow the well to be drilled later this year, subject to full funding of the rig contract and the well permitting process.
"This remains a challenging time to fund and drill wells in the North Sea, but we are very pleased with the support we have had from the OGA in extending both licences and from the contractor community to help us get the exciting Skipper well drilled," said Chief Executive Officer Mark Routh in a statement.
"We are also appreciative of Darwin's flexibility in extending the loan without any levy of fees or interest. I look forward to providing further updates on our progress in due course," Routh added.
Shares in Independent Oil & Gas were up 5.0% at 5.25 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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