UK Regulator Extends IOG Skipper Licence

UK licensing regulator Oil & Gas Authority has extended Independent Oil and Gas’ Skipper Licence until the end of the year. The extension, described by CEO Mark Routh as “pragmatic and supportive”, gives the company another six months for the oil price to recover. It said January 28 that it intended to drill the appraisal well “as soon as economic conditions allow.”

He said “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 licence to develop the offshore field was due to expire this March.