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IOG

Oil & Gas

IOG pressing ahead with North Sea skipper well, on track to become licensed operator

Independent Oil & Gas (IOG) said it was at the advance stages of planning on the Skipper well, which could see it become a licence operator in the UKCS. The company said it was continuing discussions with a “major” North Sea rig provider to use a semi-submersible drilling rig to drill the Skipper appraisal well. IOG estimated there could be 25% recoverable oil from the Skipper well.

Markets

Independent Oil and Gas spikes share price with talks

A North Sea-focused energy company saw its share price spike yesterday after revealing it had raised enough money in a share placement to meet a loan repayment in September. The share price of Independent Oil and Gas (IOG) rose 14% yesterday as it confirmed it was still in talks with an “internationally listed group, with a multi-billion dollar market capitalisation” for a longer-term funding solution. The AIM-listed firm said the £145,000 raised through the share placement made it “adequately funded” until September 4 – the deadline for a final repayment of £358,155 to specialist lender, Darwin Strategic.