Independent Oil and Gas (IOG) today announced the appointment of a new chairman with a wealth of industry experience – and confirmed drilling of the North Sea Skipper discovery had started. David Peattie, whose career includes a 33 year spell at BP, will take over the chairmanship from chief executive Mark Routh, who had held the role on an interim basis. Mr Peattie held a number of senior positions at BP, and for a time ran the office of Lord Browne, the oil major’s former CEO.
Independent Oil and Gas has agreed an additional £800,000 loan from London Oil & Gas, adding to the £2.75million it has already provided to fund the Skipper appraisal well.
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.