Independent Oil and Gas has executed a well management contract with AGR Well Management for the drilling of the North Sea appraisal well on Skipper, which is on track to spud in late January or early February 2016.
As part of its payment, AGR will be issued with shares in IOG.
Mark Routh, CEO of IOG commented: "We are delighted to have signed the well management contract with AGR and are working hard to finalize the rig contract in the near term. We look forward to updating shareholders in due course.”
The Skipper oil discovery is in Block 9/21a in the northern North Sea in license P1609.
Skipper has independently verified gross 2C resources of 26.2 MMbbl. The appraisal well will also target two exploration prospects directly beneath the Skipper oil discovery which is estimated to contain an additional oil in place of 46 MMbbl.
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