IOG looking to re-activate North Sea Skipper drilling

Independent Oil & Gas has issued an update on its exploration and development plans for its fields in the UK North Sea.

Offshore staff

LONDONIndependent Oil & Gas (IOG) has issued an update on its exploration and development plans for its fields in the UK North Sea.

The company had intended to spud an appraisal well on the Skipper license in the UK northern North Sea early this year. However, this had to be postponed due to poor weather, market conditions, and the probable impact on the company’s ability to refinance at the end of 2016.

IOG is looking to re-schedule the well for the earliest feasible date. In addition to retrieving oil samples from theSkipper oil discovery, this will target two prospects directly beneath Skipper that may contain in-place oil of 46 MMbbl.

AGR Well Management is the designated well operator. A rig contract signed with Transocean was put on hold pending the rescheduling, whileBaker Hughes has agreed to provide well services.

Other contracts with service and vessel providers are also on hold until the new spud date is confirmed.

In the UK’s southern gas basin, IOG continues its program to acquire operatorship of theCronx license (P1737).

TheOil & Gas Authority has approved an extension to Jan. 9, 2017 to allow IOG to fund and secure a rig for the commitment well. This would probably be drilled next year and then suspended as a future producer.

Perenco UK discovered gas at Cronx in 2007 via well 48/22b-6. The location is 14 km (8.7 mi) northwest of theBlythe field in which IOG is hoping to secure a100% interest.

Nearby, the company has acquired and is currently reprocessing 250 sq km (96.5 sq mi) of 3D seismic data over license P2085, containing the Truman prospect and Harvey discovery, both potential tiebacks to the Blythe hub.

Further subsurface technical work will follow on completion of reprocessing this summer to determine the range of gas in place and potential resources in the two structures.

A drill or drop decision on this licence is mandatory by December.

05/31/2016

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