15 Dec 2017
Blythe Licence ExtensionIndependent Oil and Gas plc ("IOG" or the "Company"), the development and production focused Oil and Gas Company, is pleased to announce that licence P1736 that contains the Blythe gas discovery has been extended by 12 months to 31st December 2018.
The Blythe gas field contains 33 BCF of 2P reserves and is an important part of the combined Blythe and Vulcan Satellites hub developments. The Field Development Plan ("FDP") for Blythe was initially submitted in December 2016 and re-submitted in July 2017 as part of a joint development plan with IOG's nearby Elgood discovery. First gas is expected from the Blythe Hub in the middle of 2019.
The licence extension is contingent upon a number of milestones agreed with the Oil and Gas Authority culminating in the submission of a final FDP that is capable of approval without further clarification, amendment or submissions by 31st August 2018.
Mark Routh, CEO and Interim Chairman of IOG commented:
Blythe is an important part of our combined Southern North Sea dual hub development and is anticipated to provide first gas from the whole portfolio. The licence extension is welcomed and allows us to continue the significant planning and development work that is continuing within the Company. We have confidence in reaching the agreed milestones.
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas Reserves in the UK Southern North Sea. The Company is targeting a 2P peak production rate in excess of 200 MMcfd (c. 35,000 Boe/d) from its substantial current portfolio via an efficient hub strategy. Alongside this it continues to pursue value accretive acquisitions, to generate significant shareholder returns. All of IOG's licences are owned 100% and operated by IOG.
Competent Person's Statement:
In accordance with the AIM Note for Mining and Oil and Gas Companies, IOG discloses that Mark Routh, IOG's CEO is the qualified person that has reviewed the technical information contained in this document. Mark Routh has an MSc in Petroleum Engineering and has been a member of the Society of Petroleum Engineers since 1985. He has over 35 years' operating experience in the upstream oil and gas industry. Mark Routh consents to the inclusion of the information in the form and context in which it appears.
Further information can be found on www.independentoilandgas.com