24th Sep 2015 07:23
LONDON (Alliance News) - Independent Oil & Gas PLC on Thursday said it has made significant progress on its Skipper licence in the North Sea and said it has reached an agreement to extend its funding deal with Darwin Strategic.
Independent Oil & Gas said planning work on the Skipper well is now at an advanced stage and essential long-lead items have been ordered in order to facilitate the start of drilling later in the year.
The group also is in advanced talks with a number of services companies, including a rig owner, well operator, subsea equipment provider and rig services provider ahead of starting work, and said all the service providers have committed to either part-fund the well, defer payment or provide loans to secure their participation.
In addition to the progress made at Skipper, the company said it has secured a deal with Darwin Strategic to extend the deadline for the repayment of its GBP358,000 loan to December 7, with no extra interest or penalties. Discussions with other funds are ongoing, the company said.
Shares in Independent Oil & Gas were up 17% to 6.75 pence on Thursday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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