INDEPENDENT Oil & Gas has agreed a deal to take full control of the licence containing the Skipper find East of Shetland.
London-based IOG has signed an agreement to buy the 50 per cent of the licence held by Alpha Petroleum Resources for an undisclosed sum. While the crude price has plunged since June, IOG said it is making good progress towards securing longer term funding to appraise and develop its assets through to production, including Skipper. The Aim-listed firm added it had signed a letter of intent with an international group relating to the funding which it anticipates will complete by mid-August but noted there can be no guarantee it will secure such financing.
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