Independent Oil and Gas plc has confirmed the acquisition of 50% of licence P1609 which contains the Skipper discovery has now completed. IOG now owns 100% of the licence and is the licence operator.
As previously announced a consideration of $3m will be payable at Field Development Plan approval stage and a further $15m will be payable shortly after first oil.
Mark Routh, CEO of IOG commented,'We are delighted to have completed this material acquisition. We anticipate the commencement of drilling at the end of January or early February 2016 and look forward to making further announcements in due course.'