Independent Oil and Gas (IOG) has executed a well management contract with AGR for the drilling of an appraisal well on Skipper in the North Sea.
The company said the well is on track to spud in late January or February next year.
Earlier this month, the company said it had secured the final £4.75million needed for the well.
IOG struck a deal with GE Oil & Gas and London Oil & Gas for the remaining funds alongside agreeing a string of repayment deferrals for existing loan agreements.
Mark Routh, chief executive of IOG said: “We are delighted to have signed the well management contract with AGR and are working hard to finalise the rig contract in the near term. We look forward to updating shareholders in due course.”