StockMarketWire.com - Independent Oil and Gas's Skipper licence has been extended until Dec. 31 following talks with the UK Oil & Gas Authority. IOG intends to drill the appraisal well as soon as economic conditions allow.

Chief executive Mark Routh said: "In the context of this very severe oil price downturn, we are grateful for the OGA's pragmatic and supportive stance in extending the Skipper licence which we anticipate will enable us to drill the appraisal well later in 2016. Constructive dialogue with the various contractors and funders are progressing well and we anticipate confirming that arrangements remain in place for a rapid resumption of the well drilling process once it makes economic sense to proceed."

The company also announced that it has issued 444,989 new ordinary shares to VSA Capital and an independent third party consultant as payment for advisory services received.



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