Independent Oil and Gas (LON:IOG) has now been approved as the exploration operator of the Skipper licence in the North Sea.
The Oil and Gas Authority has also approved the company’s acquisition of the 50% interest of the project it doesn’t already own from partner Alpha Petroleum.
It is expected that the formal completion of the acquisition will now occur next week.
"This is a huge step forward for IOG in line with our stated strategy,” said chief executive Mark Routh.
“Qualifying as an exploration operator opens up many more opportunities for IOG and is of course essential for our near term objective of drilling the Skipper well which is on track to commence drilling at the end of January or early February 2016.
“IOG also anticipates becoming a qualified production operator in due course either via acquisition or organically as we develop our portfolio of oil and gas assets."