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IOG signs “breakthrough” deal with Transocean for North Sea’s Skipper

handshake - deal done

Independent Oil and Gas (IOG) has signed a “breakthrough” deal with Transocean for its North Sea Skipper prospect.

Transocean’s John Shaw semi-submersible rig will drill the fully funded appraisal well on the Skipper oil discovery in Block 9/21a in the Northern North Sea in licence P1609 early next year.

Chief executive Mark Routh said: “Following our recent funding, the signing of this semi-submersible rig contract with Transocean is the breakthrough we’ve been waiting for. This allows us to drill the Skipper well in the New Year which will enable us to optimise the Skipper Field Development Plan in addition to targeting two exploration prospects at low cost. We hope to provide further updates regarding approvals from the OGA in the near future.”

The rig will drill a vertical well to 5,600ft which is expected to take approximately 25 days.

Skipper is an offshore heavy oil field located in the Northern North Sea with independently verified gross 2C resources of 26.2 MMBbls.

The deal comes after IOG secured final funding for the well.

IOG struck a deal with GE Oil & Gas and London Oil & Gas for the remaining funds alongside agreeing a string of repayment deferrals for existing loan agreements.

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