Independent Oil defers payment

Independent Oil: Loan deferral agreement. Picture: Hemedia

North Sea driller Independent Oil & Gas has reached agreement with a lender to defer a loan repayment for a month as the firm looks to secure a funding deal for a well.

Darwin Strategic has put back repayment of £358,000 to 4 October with no additional fees or interest being charged.

The Aim-quoted explorer is looking to drill an appraisal well at the Skipper discovery in the North Sea later this year.

Chief executive Mark Routh said that, amid the current downturn facing the sector, it was a “challenging time to fund and drill wells in the North Sea”, but the firm was “appreciative of Darwin’s flexibility in extending the loan”.

He added: “I look forward to providing further updates on our progress in due course.”