IOG Spuds North Sea Well

Published at 09:42AM - 30/06/16

Independent Oil & Gas (IOG) expects to start drilling the North Sea appraisal well Skipper in the second half of July.

The company will use Transocean’s Sedco 704 semi-submersible drilling rig for the appraisal well, located in block 9/21a, licence P1609, in the Northern North Sea.

“We are very excited to be drilling in the North Sea at this time and look forward to progressing straight to the Skipper Field Development planning thereafter”, IOG CEO Mark Routh, stated.

IOG Spuds North Sea Well

The company had previously planned to drill the appraisal well in January or beginning of February using Transocean’s John Shaw semi-sub, but had to postpone it due to the decline in oil prices and bad weather conditions in the North Sea.

The drilling contract was thus delayed in February 2016 and Transocean had to stack the John Shaw semi-sub.

According to a statement by IOG, Skipper should take around 22 days to drill and will be drilled to 5,600 feet with the aim of retrieving good quality reservoir condition oil samples to optimise the field’s development plan.

“The well will also drill two mapped reservoir structures beneath the Skipper oil field in the Lower Dornoch and Maureen formations,” the company explained.

Skipper To Help Achieve 100mboe Reserves

“We are now in the final stages of preparations for this well which we believe will be transformational for IOG and should confirm Skipper as a key pillar in our target to achieve more than 100 million boe combined 2P reserves and 2C resources net to IOG from the existing portfolio, once the previously announced Vulcan satellites acquisition is completed,” Routh commented further.

According to IOG, an approved field development plan on Skipper could convert its contingent resources into 2P reserves.

The Skipper oil discovery is fully owned by IOG and needs further appraisal by drilling a well to retrieve an oil sample. IOG estimates that the recoverable oil from Skipper is 34.1 million barrels, based on a recovery factor of 25%.

Last updated on 03:10PM - 01/07/16