Independent O&G Granted North Sea License Extensions
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Independent Oil and Gas has had its Cronx license in the southern North Sea extended for another year to January 9, 2017.
IOG has also agreed to extend the sale and purchase agreement with Swift Exploration by 9 months to end September 2016 and remains keen to complete the acquisition.
Official confirmation for a one year license extension to P2085, which contains the Truman and Harvey discoveries, has also been received from the Oil and Gas Authority (OGA).
At Blythe, meanwhile, talks are ongoing with the OGA on ways to improve the project’s economics and jointly develop the discoveries in the area.
A full 3D seismic reprocessing of seismic data across its whole Southern North Sea portfolio in 2016 will demonstrate commerciality or otherwise of the Harvey and Hambleton discoveries and to better define the Truman prospect. IOG is fully funded for this work program.
Mark Routh, chief executive, said: “Our Southern North Sea gas portfolio remains a core part of our business.
“We are delighted that the OGA has allowed us the appropriate license extensions to keep the portfolio intact.
“We are funded to carry out a full 3D seismic reinterpretation over the portfolio which should allow us to revise resource estimates for the discoveries and prospects.”
Source: (December 31, 2015) Proactive Investors
About Independent Oil & Gas
IOG is a UK based Development & Production company with established interests in two UK North Sea fields. IOG was established in February 2011, combining the UK assets of MOST Inc. and Ebor Energy Inc. IOG now owns 50 percent of the Blythe gas field in the Southern North Sea (blocks 48/22b and 48/23a) and 50 percent of the Skipper license south east of the Shetlands (block 9/21a). ATP Oil & Gas Corporation is the operator of, and owns, the remaining 50 percent of both fields. IOG was awarded the “Skipper West” promote license (blocks 8/20a and 8/25a) at 100 percent working interest in May 2013.
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