IOG concludes purchase of North Sea gas licenses

Offshore staff

LONDONIndependent Oil and Gas plc (IOG) has completed its acquisition of 100% of the shares of Oyster Petroleum, a subsidiary of Verus Petroleum Holding Ltd.

Oyster’s assets are UK southern North Sea licenses containing the Vulcan East, Vulcan North West and Vulcan South gas fields, collectively known as the Vulcan Satellites.

The initial consideration was £1 million ($1.2 million), with further payments to follow on the achievement of certain milestones.

Through the acquisition IOG has increased its 2C recoverable resources by 320.7 bcf or 53.45 MMboe.

According to the company, the Vulcan Satellites require no further appraisal, and discussions are under way for an export route for the gas.

IOG aims to submit a field development plan next year.

10/31/2016

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