17th Aug 2016 07:49
LONDON (Alliance News) - Independent Oil & Gas PLC on Wednesday said the Skipper well in the North Sea has been successfully drilled and testing of samples from the work will be done in September.
The firm said the primary well objective was achieved, with good quality reservoir condition oil samples retrieved from the Skipper field, which will allow for optimisation work to be done on the field development plan for the project.
Testing the samples from the drilling work will be completed by September, the firm said.
Independent Oil & Gas added drilling has now started on the two exploration prospects in the Lower Dornoch and the Maureen formations beneath the Skipper oil field.
"The initial data acquired from the Skipper well, our first operated well, is an excellent result for IOG and operations proceed without any reported safety incidents. By retrieving the oil samples, the primary well objectives have been fulfilled and we have proved that the oil is moving in the Skipper reservoir," said Chief Executive Mark Routh.
"We now move on to drill the exploration prospects, where any further oil discoveries would provide additional upside and look forward to analysing the results in order to progress the Skipper field development plan as soon as possible, in parallel with our exciting gas assets in the Southern North Sea," he added.
Shares in the company were down 6.7% to 29.05 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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