Independent Oil & Gas (LON:IOG) has extended the deadline for its proposed acquisition of the Skipper project as it seeks new funding arrangements.
The company had previously aimed to close a major funding deal during August, however, that deal will no longer go ahead.
As the group actively pursues alternative funding the deadline for the Skipper deal has been set back to September 7.
"We are pleased to have a little more time to close out this transaction, which will optimise our chances of securing the funding required to drill the commitment well on Skipper,” said chief executive Mark Routh.
The deal arrangements would see IOG pay a nominal consideration for Skipper, to be followed by staged payments of US$3mln and then US$15mln, triggered by submission of a field development plan and first oil respectively.
IOG said it continues to work towards securing a rig contract as well as a required funding for Skipper.