OGA extends duration of two IOG North Sea licenses

Offshore staff

LONDON – Britain’s Oil and Gas Authority (OGA) has extended Independent Oil and Gas’ (IOG) Cronx license in the southern North Sea to Jan. 9, 2017.

IOG has also agreed to extend the sale and purchase agreement with Swift Exploration to Sept. 30, 2016.

The license carries a commitment to drill a well. IOG believes a commercial development is feasible, likely involving a tieback to a hub at the company’s planned Blythe field project.

The Blythe partners are assessing options for improving the economics of the project and have not yet committed to an offtake route.

Despite the current low gas price environment IOG believes Blythe is economic on a standalone basis or co-developed with the company’s other nearby discoveries.

Dialogue continues with the OGA on various amendments to the development plan.

In addition, IOG has received confirmation from the OGA that license P2085 containing the Truman prospect and the Harvey discovery has been extended to Dec. 20, 2016.

Later this year IOG expects to perform a full 3D seismic reprocessing of seismic data across its entire southern North Sea portfolio.

The main aims are to demonstrate the commerciality or otherwise of the Harvey and Hambleton discoveries and to better define the Truman prospect. IOG adds that it is fully funded for this program.

01/07/2016

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