Independent Oil and Gas plc has signed a Sale and Purchase Agreement to acquire the 50% of licence P1609 containing the Skipper discovery from Alpha Petroleum Resources Ltd. This transaction will result in IOG's independently verified 2C resources increasing by 13.1 MMBbls. Upon completion of the acquisition, IOG will become Operator and will own 100% of the licence. The acquisition is subject to confirmation of funding and regulatory approvals.

IOG is currently in discussions with the Department of Energy and Climate Change and the Oil & Gas Authority regarding assuming operatorship of licence P1609. Their approval is subject to confirmation of IOG's Technical and Environmental Competence.

The initial work programme to drill the commitment well on the licence mid-2016 has been proposed and is subject to a licence extension, which currently expires on 30 September 2015. The OGA will consider any request, subject to confirmation of funding for the well and a rig contract. IOG is in advanced discussions with a party relating to a rig contract for the initial well and anticipated subsequent development wells on Skipper.

Tags: Independent Oil and Gas plc