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.



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