Independent Oil and Gas Plc (LON:IOG) told investors it expects to contract Transocean's Sedco 704 and start drilling the Skipper appraisal well in less than a month’s time.
Drilling is anticipated to begin at the North Sea project in the second half of July, it said.
Skipper should take some 22 days to drill. The well will be drilled to a depth of 5,600 feet and its main objective will be to retrieve ‘good quality reservoir condition oil samples’ which can be used to optimise the Skipper field development plan.
It will also test two extra reservoir targets beneath Skipper, these are referred to as the Lower Dornoch and Maureen formations.
As it currently stands, the company expects a Skipper development would convert some 34.1mln barrels of contingent resources into proved and probable (2P) reserves.
Mark Routh, IOG chief executive, said: "We are now in the final stages of preparation 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 MMBoe combined 2P reserves and 2C resources net to IOG from the existing portfolio once the previously announced Vulcan satellites acquisition is completed.
“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."