Sambram
19 Aug 2016
Shares down 20% Not great news about the lack of oil at Dornoch and Maureen prospects
asilad
17 Aug 2016
Oilvoice says, [link] samples successfully retrievedWEDNESDAY, AUGUST 17, 2016 Independent Oil and Gas plc, the development and production focused Oil and Gas Company, is pleased to provide the following update on the drilling of the appraisal well on the Skipper oil discovery which lies in Block 9/21a in licence P1609 in the Northern North Sea, of which IOG is 100% owner and operator.Highlights:Skipper well has been successfully drilled, with no safety incidents to 3,860 ft.Primary well objective achieved with good quality reservoir condition oil samples retrieved from the Skipper field that will allow the optimisation of the Skipper field development plan.Oil viscosity of the samples appears likely to be within the 50cP - 150cP range expected by the IOG management, much better than CPR estimates.Testing of the samples is due to complete in September 2016.Drilling has commenced down to the two exploration prospects in the Lower Dornoch and the Maureen formations beneath the Skipper oil field in which the CPR author has mapped structures which together may contain 46 MMBbls of oil in place.The Skipper well has been drilled to 3,860 ft. Good quality reservoir condition oil samples have been retrieved from the Skipper field and have been dispatched to Aberdeen for full analysis. Initial onboard observations during sampling confirm the oil to be mobile in the reservoir. This fulfils the primary well objective and will allow optimisation of the Skipper field development plan. Approval of a field development plan will be subject to funding, IOG Board and regulatory approvals.The oil viscosity appears likely to be within the 50cP - 150cP range expected by the IOG management, which is significantly better than the viscosity assumed in the Competent Persons Report ('CPR') published by AGR Tracs in September 2013. If these oil properties are confirmed in the laboratory tests, which should be completed in September 2016, the development will require fewer wells than previous assumptions in the CPR thereby reducing the base case development costs.After spudding on 23 July 2016, the well experienced some operational challenges, which were unrelated to the reservoir. This required an early re-spud of the well and therefore an increased overall well duration. In addition to this, in early August we experienced a force 10 gale at the well location which caused a suspension of operations for almost two and a half days for safety reasons. These delays have resulted in an estimated increase in the operational phase of the well by approximately 13 days, the cost of which will be met in the short term by the existing London Oil and Gas loan facilities. Other costs are being deferred until the end of 2017, as previously announced.The next step of the current well program is to drill the exploration prospects in the Lower Dornoch and the Maureen formations beneath the Skipper oil field in which the CPR author has mapped structures which together may contain 46 MMBbls of oil in place. Initial results of this exploration drilling phase of the well are expected to be available before the end of August.Mark Routh, CEO of IOG commented:'The initial data acquired from the Skipper well, our first operated well, is an excellent result for IOG and operations proceed without any reported safety incidents.'retrieving the oil samples, the primary well objectives have been fulfilled and we have proved that the oil is moving in the Skipper reservoir. This is a significant step for IOG towards achieving the target of being a company with 100 MMBOE heading for development, in assets 100% owned as operator. I am immensely proud of the IOG team and extremely grateful for the co-operation and support from all of the contractors involved. The support of our financial backers is o
asilad
17 Aug 2016
RNS Results better than expected and now drilling on for the bonus! Much more to come I hope.
asilad
10 Aug 2016
Re: moving up nicely If everything has gone to schedule then I would expect to see a announcement as early as Monday, but if not Monday then certainly some time next week.
opulentia
10 Aug 2016
Re: moving up nicely another couple of days and we could see 40p level, imoGLA LTH end of august should do the trick, great potential for next year, DYOR
Wild Haggis
21 Jul 2016
Sedco 704 The rig looks to be on location according to marinetraffic.com. I guess they'll be running anchors for a day or so and then getting ready to spud the well either Friday or Saturday. The rig move is likely to be one of those aspects that IOG wouldn't manage to broker a fancy deal with, but given the current excellent weather, they're unlikely to go over budget on it and will probably beat their original cost estimate for the move. A good start to the project.
sageii
20 Jul 2016
this board needs to wake up! very exciting times ahead.
sageii
20 Jul 2016
moving up nicely The rig is on it`s way being towed by two tugs...great BOD here with excellent record,who take shares rather than salary...ditto contractors..and most important they have finance,and very few shares in circulation.100mill approx..Best little oiley on aim,about to get a lot bigger!
Simbrad
07 Jun 2016
"The company has accelerated the drilling of the Skipper appraisal well in the UK North Sea; it will now commence in July and take 22 days to complete. The well will be funded via equity, debt and deferred payments to contractors. The Skipper field is estimated to have 34.1mmbbl of contingent resources." finnCap note out this morning on Research tree
Simbr
07 Jun 2016
Re: funding for skipper discovery Another note out this morning from VSA Capital: "Independent Oil & Gas (IOG) has announced that the Skipper appraisal well has now been rescheduled to drill in early July 2016. IOG is 100% owner and operator of the Skipper field and the previous contract with Transocean for the drilling of the well has been renewed with advance payment of US$1.73m to be part settled by the issue of 2.7m shares at 18.375p with the balance paid from IOG’s loan facilities or settled via share issuance..." This is also taken from Research Tree
Simbrad
07 Jun 2016
New note out this morning from VSA Capital: "Independent Oil & Gas (IOG) has announced that the Skipper appraisal well has now been rescheduled to drill in early July 2016. IOG is 100% owner and operator of the Skipper field and the previous contract with Transocean for the drilling of the well has been renewed with advance payment of US$1.73m to be part settled by the issue of 2.7m shares at 18.375p with the balance paid from IOG’s loan facilities or settled via share issuance..." It's up on Research Tree
sandgrounder
06 Jun 2016
been ticking up nicely over the past 5 sessions 
Simbr
03 Jun 2016
funding for skipper discovery VSA's note from this morning: "Independent Oil & Gas FY 2015 results showed a total profit for the year of £5.3m (vs a loss of £12.1m in 2014) largely due to the reversal of impairment provisions. Its cash position was £23k at the end of the period. Further Funding Completed Since Year End Following the completion of the £5.5m funding from London Oil & Gas and GE Oil & Gas UK in December 2015, IOG secured an additional £10m convertible loan facility from London Oil & Gas in March 2016. The proceeds from these loans will be used to drill the appraisal well on the Skipper discovery, provide funding for G&A costs and also allow IOG to pursue an acquisition strategy to add value to IOG’s existing portfolio." Frm ResearchTree
Simbrad
03 Jun 2016
VSA's note from this morning: "Independent Oil & Gas FY 2015 results showed a total profit for the year of £5.3m (vs a loss of £12.1m in 2014) largely due to the reversal of impairment provisions. Its cash position was £23k at the end of the period. Further Funding Completed Since Year End Following the completion of the £5.5m funding from London Oil & Gas and GE Oil & Gas UK in December 2015, IOG secured an additional £10m convertible loan facility from London Oil & Gas in March 2016. The proceeds from these loans will be used to drill the appraisal well on the Skipper discovery, provide funding for G&A costs and also allow IOG to pursue an acquisition strategy to add value to IOG’s existing portfolio." It's available on Research Tree
Simbrad
03 Jun 2016
VSA Capital's note from this morning: "Independent Oil & Gas FY 2015 results showed a total profit for the year of £5.3m (vs a loss of £12.1m in 2014) largely due to the reversal of impairment provisions. Its cash position was £23k at the end of the period. Further Funding Completed Since Year End Following the completion of the £5.5m funding from London Oil & Gas and GE Oil & Gas UK in December 2015, IOG secured an additional £10m convertible loan facility from London Oil & Gas in March 2016. The proceeds from these loans will be used to drill the appraisal well on the Skipper discovery, provide funding for G&A costs and also allow IOG to pursue an acquisition strategy to add value to IOG’s existing portfolio." on Research Tree
