30th Jun 2016 08:58
LONDON (Alliance News) - Independent Oil & Gas PLC reported Thursday another delay to the drilling of the Skipper well in the UK North Sea, stating it will be drilled in the latter half of July.
Independent Oil was originally planning to drill the well in 2015 but had to push it back into this year and recently said it planned to drill the well in early July. Independent Oil had to secure an extension to the Skipper licence earlier this year after delaying the well.
Independent Oil now expects to drill the appraisal well on Skipper in the "late July", pushing the well back further. It should take 22 days to drill compared to the original 25-day forecast.
The vertical well will be drilled to 5,600 feet and its aim is to collect reservoir samples so Independent Oil can optimise the field development plan for the wider licence area.
The rig to be used is being supplied by Transocean, and Independent Oil said it has settled part of an advance payment by issuing 2.7 million shares to Transocean priced at 18.375 pence each.
Those shares will clear GBP496,125 from the bill, and the company said the balance of the advanced payment due of USD1.7 million will be paid by the end of July.
The stock was trading down 1.1% to 16.19 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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