Independent Oil & Gas Forum

"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

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

been ticking up nicely over the past 5 sessions

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

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

finnCap published a note, too: "2015 has seen significant progress across the portfolio and balance sheet in what has been a difficult operating environment due to low oil prices. The company is working towards the drilling of Skipper and has key contracts with service companies in place to this end..."

Just got this from Research Tree... "Independent Oil & Gas (IOG)# has released its FY 2015 results with a total profit for the year of £5.3m (vs a loss of £12.1m in 2014) and a cash position of at the end of the period of £23k. This was better than our expectations due to a full reversal of the 2014 £6.2m impairment provisions against the Skipper field. Following the acquisition of the remaining 50% of the Skipper licence IOG now owns 100% of the licence and increased IOG’s independently verified 2C resources by 13.1mmbbl to 26.2mmbbl...."

OXS warming up, check this out tomorrow.....

funding update the investor has decided not to proceed?

patience is the key. I am well confident in the bod of this company.