10th Dec 2015 09:03
LONDON (Alliance News) - Independent Oil and Gas PLC Thursday said it has signed a contract with AGR Well Management Ltd for the drilling of an appraisal well on the Skipper licence in the UK North Sea.
The well will be drilled in either January or February next year, which will be welcome news to shareholders as plans for the well have been in the "advanced stage" since back in September. However, the well is still behind schedule as the company originally was hoping to drill the well before the end of 2015.
Independent Oil will pay for the services through a combination of shares and cash. Initial payments total GBP657,220, but the company did not reveal the composition of that payment.
"We are delighted to have signed the well management contract with AGR and are working hard to finalise the rig contract in the near term. We look forward to updating shareholders in due course," said Chief Executive Mark Routh.
Independent Oil shares were down 0.6% to 6.71 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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