THE chief executive of North Sea-focused Independent Oil & Gas has highlighted the difficulties involved in trying to complete exploration and appraisal work on prospects in the area following the crude price plunge. Mark Routh said: “This remains a challenging time to fund and drill wells in the North Sea.” However, Mr Routh noted that the Oil and Gas Authority has granted London-based Independent a three month extension to the licence containing the Skipper find East of Shetland until 31 December. The company said it continues to explore alternative arrangements to drill a well on Skipper. It is in talks with several contractors regarding the provision of well services and equipment for which payment would be deferred and also with several parties regarding potential loan finance to bridge any funding gap relating to the Skipper commitment well.
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