27 Jun 2017
OGA SNS Tight Gas Strategy and New Corporate PresentationIndependent Oil and Gas plc ("IOG" or the "Company") (AIM: IOG.L), the development and production focused Oil and Gas Company, welcomes Oil and Gas Authorityâ€™s (â€œOGAâ€) publication of the Southern North Sea (â€œSNSâ€) Tight Gas Strategy. IOG believes its SNS gas strategy is very well aligned with the OGAâ€™s plans to stimulate activity in the basin. IOG has provided a new Corporate Presentation on its website today which outlines this strategy, with a particular focus on maximising production from its SNS resources.
Mark Routh, CEO and Interim Chairman of IOG, said:
The OGA has provided a timely reminder that there is an estimated 3.8 trillion cubic feet (â€œTCFâ€) of tight gas to be recovered from discoveries, infill opportunities and prospects in the Southern North Sea. IOGâ€™s business plan is fully aligned with the OGA strategy and our 100%-owned fields should contribute significantly to future SNS gas production. Including the Harvey appraisal asset, IOG has half a TCF of conventional and tight gas discoveries in the Southern North Sea.
IOG is planning to re-use infrastructure and work innovatively with contractors, the supply chain and the OGA to produce this gas efficiently and sustain activity in the area. Helping to maximise economic resources in this way will benefit both our shareholders and the UK more broadly by contributing to domestic energy supplies. Further details on our strategy can be found in the revised presentation published on our website today.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas resources in the UK Southern North Sea. The Company is targeting 170 MMcfd gas production from its current portfolio of 500 BCF (88 MMBoe) via an efficient gas hub strategy. Alongside this it continues to pursue value accretive acquisitions, to generate significant shareholder returns. All of IOGâ€™s licences are owned 100% and operated by IOG.