20th Jul 2016 13:13
LONDON (Alliance News) - Independent Oil & Gas PLC Wednesday said it has continued to defer near term payments whilst it develops the Skipper field in the UK North Sea by securing an extension two three loans worth a total of GBP5.6 million.
Independent Oil & gas plans to drill the Skipper appraisal well this Friday after suffering lengthy delays last year and during the early part of 2016 and has been negotiating a number of deals with contractors and equipment providers to delay payments in order to minimise near term costs.
The company has now secured extensions to the loan agreements signed with GE Oil & Gas UK Ltd and London Oil & Gas Ltd, part of London Group PLC. Independent Oil has a GBP2.0 million loan from GE Oil and two loans from London Oil worth GBP2.8 million and GBP800,000, respectively.
The extension is until December 20, 2017, and the company has not incurred any fees as a result.
Independent Oil shares were up 8.7% to 20.25 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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