02 Dec 2013
27th Licensing Round Award
Independent Oil and Gas plc ("IOG"), the North Sea focussed Oil and Gas Company, is pleased to announce that it has been offered a licence award in the UK 27th licensing round of blocks 48/23c and 48/24b with 100% working interest. The licence area lies approximately 10km to the east of the proposed Blythe development in which IOG has a 50% working interest.
Mark Routh, CEO of IOG said:
IOG has committed to acquire and reprocess 85 sq kms of existing 3D seismic data. IOG has identified two potential structures in the area in the Rotliegend Sandstone, one of which has confirmed gas shows when drilled by Arco in 1984.
About Independent Oil & Gas:
IOG is an oil & gas company with established assets focused on the UK North Sea. The company’s strategy is to deliver near term development and production assets in North West Europe, through its extensive technical and commercial expertise, whilst maintaining some exposure to exploration upside. The Company is looking to grow both organically and through acquisition.
IOG has four licences in the North Sea: In addition to the Blythe and Skipper licences co-owned 50% with ATP UK, IOG has a 100% working interest in two licences awarded in the 27th licencing round. One is to the west of and adjacent to Skipper, the other is to the east of Blythe. Both these licences have potential resources that could be tied back to developments at Skipper and Blythe respectively.