Independent Oil and Gas (IOG) has revealed its interim results as it said commerciality of its Skipper well may take longer than expected.
The North Sea focused explorer said it has secured a £10million convertible loan signed with London Oil and Gas Limited to finance asset acquisitions as well as expenses up to 2018.
It has also secured a £2million loan from GE Oil and Gas to part fund the Skipper appraisal well.
The company said loss after tax of £1.06million, compared with £0.20million loss the same time last year.
The Skipper licence has also been extended to the end of December and the appraisal well rescheduled from earlier this year to drill in more favourable economic and climatic conditions.
Mark Routh, chief executive of IOG, said:”IOG has made great strides during the first half of the year, continuing to deliver shareholder value as we pursue our hub focussed strategy to create a successful mid-cap development and production company. IOG is now funded until up until 2018, with an excellent portfolio of wholly owned assets, strengthened Board, management and technical team and the flexibility and creativity to succeed in this challenging market environment.
“We have an incredibly busy work programme planned over the next 12 months as we focus our efforts on the planning of our three different North Sea projects and it promises to be a very exciting time for the Company.
“We would like to thank our shareholders for their continued support and look forward to providing further news flow over the remainder of the year.”
A sale and purchase agreement has also been signed and completed to acquire from Alpa Petroleum Resource the other 50% of the Blythe gas discovery in the UK Southern North Sea.
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