IOG makes small step towards Skipper drilling

Independent Oil and Gas plc has raised £150,000 ($232,000) with certain investors, thus getting closer to drilling of the Skipper well in the North Sea later this year.

According to IOG’s press release from Wednesday, the money came through the issue of 2,142,858 new Ordinary Shares at an issue price of 7p per share, representing an 8.62% discount to the closing price on October 20, 2015.

IOG says it now has funding for its portfolio of assets through to February 2016, apart from the balance of funding for the upcoming Skipper well.

“IOG continues to make good progress towards commencing the drilling of the Skipper well later this year with planning and funding discussions at an advanced stage,” the company said in the press release.

Furthermore, the company said that an application has been made for the 2,142,858 new Ordinary Shares to be admitted to trading on AIM. IOG said the admission was expected to occur on October 26, 2015.

Following the admission, IOG added, there will be 78,717,695 Ordinary Shares in issue.

Mark Routh, CEO of IOG commented: “This is a small but important step for IOG. It allows us to concentrate fully on the completion of funding and all the technical and operational aspects of getting our exciting Skipper well drilled. We look forward to providing a further operational and financial update in due course.”

To remind, IOG in June signed a Sale and Purchase Agreement to acquire the 50% of licence P1609 in the UK North Sea containing the Skipper discovery from Alpha Petroleum Resources Ltd. Upon completion of the acquisition, IOG will become Operator and will own 100% of the licence. As agreed with Alpha Petroleum, the deadline for completion of IOG’s acquisition of the remaining 50% of Skipper is December 7, 2015.

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