Independent Oil and Gas is pleased to provide an update on its drilling plans on the Skipper licence and on its funding.

Highlights:

•Positive progress made towards drilling the Skipper well. Planning is now at an advanced stage and essential long lead items have been ordered to facilitate drilling later this year. •Advanced discussions ongoing with a number of service companies including rig owner, well operator, subsea equipment supplier and an essential rig services provider. •All service providers committed either to part-fund the well, defer payment or to provide loans to secure their participation. Total commitment estimated at approximately £7m. •Sale and purchase agreement with Alpha Petroleum for purchase of remaining 50% of Skipper extended to 7 December 2015. •Discussions with several funders ongoing and Darwin Strategic has agreed to extend the loan to 7 December 2015.

Tags: Independent Oil and Gas plc