IOG withdrawing from Cronx following North Sea data review

Offshore staff

LONDONIndependent Oil and Gas plc (IOG) has received initial results from new interpretations of 3D seismic data over its Blythe Hub licenses in the UK southern North Sea.

Schlumberger WesternGeco is reprocessing and reinterpreting 250 sq km (96.5 sq mi) of 3D data shot in the 1990s to create a more consistent set of maps over the area.

Gas-initially-in-place and therefore recoverable volumes appear to be greater than previously estimated. However, the data on the Cronx prospect suggests lower volumes than the estimates in the ERC Equipoise competent persons report of July 2012.

Accordingly, IOG has determined that committing to an appraisal well on this structure would not be the optimal use of its funds, and has therefore decided not to complete acquisition of the Cronx license.

A second phase of reinterpretation work is nearing completion over the Harvey and Hambleton discoveries and the Truman prospect in the same region.

11/02/2016



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