Mark Routh
INDEPENDENT Oil and Gas has completed the acquisition of 50 per cent of the Skipper licence East of Shetland from Alpha Petroleum Resources, giving it a 100 per cent interest in the acreage. In August London-based Independent agreed to pay Alpha $3m for the interest when a funded plan to develop the Skipper heavy oil field is approved and a further $15m when it comes onstream. Chief executive Mark Routh said: “We are delighted to have completed this material acquisition. We anticipate the commencement of drilling at the end of January or early February 2016.” Independent secured £4.75m loan funding for a well earlier this month, in spite of the renewed fall in the crude price.
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