Independent to buy part of Skipper

UK

ABERDEEN, June 3, 2015 – UK production company Independent Oil and Gas announced on Wednesday that it intends to purchase a 50%-percent stake in a North Sea licence that encompasses the Skipper discovery. The company plans to do this after it signs a sale and purchase agreement with upstream company Alpha Petroleum Resources.

After the agreement is signed, Independent will become the new operator of licence P1609. While the value of the deal has not yet been disclosed, it will add 13.1 million to 26.2 million barrels of oil to the company’s existing resources.

“We have been working hard to secure full ownership of this highly attractive licence and to secure the necessary funding,” Independent’s chief executive Mark Routh said in a press release on Wednesday. The financing for the project is expected to be completed mid-August.

This project falls in line with the company’s plans to drill appraisal well during 2015 on the Skipper and on the Cronx discovery, which lies nearby.

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