IOG given more time for North Sea Skipper transaction

Offshore staff

LONDON – Independent Oil and Gas (AIM: IOG.L) has agreed on an extension to a sale and purchase agreement (SPA) to acquire 50% of UK northern North Sea license P1609 from Alpha Petroleum Resources.

This contains the Skipper discovery in block 9/21a – IOG continues to pursue funding for the acquisition.

If the transaction goes through, IOG will pay a nominal consideration to Alpha upon completion of the SPA followed by payments of $3 million on approval of the field development plan, and $15 million following first oil.

IOG is also working to secure a rig to drill the commitment Skipper appraisal well, which will retrieve core and oil samples in order to optimize the development.

The company estimates resources at 26.2 MMbbl, with potential for a further 46 MMbbl in two other prospects beneath Skipper.



Share your news with Offshore at

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...