LONDON – Independent Oil and Gas has completed its acquisition of the remaining 50% of a license covering blocks 48/22b and 48/23a in the UK southern North Sea, containing the Blythe gas discovery.
The company paid an initial consideration of £1.5 million ($2.2 million) with deferred consideration of a further $5 million to be paid at first gas.
According to IOG, Blythe requires no further appraisal. The transaction adds a further 17.2 bcf or 3 MMboe to the company’s reserves.
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