Independent Oil & Gas PLC Blythe Licence Extension (4223Z)
December 15 2017 - 2:00AM
UK Regulatory
TIDMIOG
RNS Number : 4223Z
Independent Oil & Gas PLC
15 December 2017
15 December 2017
Independent Oil and Gas plc
Blythe Licence Extension
Independent Oil and Gas plc ("IOG" or the "Company"), the
development and production focused Oil and Gas Company, is pleased
to announce that licence P1736 that contains the Blythe gas
discovery has been extended by 12 months to 31(st) December
2018.
The Blythe gas field contains 33 BCF of 2P reserves and is an
important part of the combined Blythe and Vulcan Satellites hub
developments. The Field Development Plan ("FDP") for Blythe was
initially submitted in December 2016 and re-submitted in July 2017
as part of a joint development plan with IOG's nearby Elgood
discovery. First gas is expected from the Blythe Hub in the middle
of 2019.
The licence extension is contingent upon a number of milestones
agreed with the Oil and Gas Authority culminating in the submission
of a final FDP that is capable of approval without further
clarification, amendment or submissions by 31(st) August 2018.
Mark Routh, CEO and Interim Chairman of IOG commented:
"Blythe is an important part of our combined Southern North Sea
dual hub development and is anticipated to provide first gas from
the whole portfolio. The licence extension is welcomed and allows
us to continue the significant planning and development work that
is continuing within the Company. We have confidence in reaching
the agreed milestones."
-ENDS-
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries:
Independent Oil and Gas plc
Mark Routh (CEO) +44 (0) 20 3879
James Chance (CFO) 0510
finnCap Ltd
Christopher Raggett / Anthony
Adams +44 (0) 20 7220
(Corporate Finance) 0500
Camarco
Georgia Edmonds / Tom Huddart +44 (0) 20 3757
/ Monique Perks 4980
Notes
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas Reserves in the UK
Southern North Sea. The Company is targeting a 2P peak production
rate in excess of 200 MMcfd (c. 35,000 Boe/d) from its substantial
current portfolio via an efficient hub strategy. Alongside this it
continues to pursue value accretive acquisitions, to generate
significant shareholder returns. All of IOG's licences are owned
100% and operated by IOG.
Competent Person's Statement:
In accordance with the AIM Note for Mining and Oil and Gas
Companies, IOG discloses that Mark Routh, IOG's CEO is the
qualified person that has reviewed the technical information
contained in this document. Mark Routh has an MSc in Petroleum
Engineering and has been a member of the Society of Petroleum
Engineers since 1985. He has over 35 years' operating experience in
the upstream oil and gas industry. Mark Routh consents to the
inclusion of the information in the form and context in which it
appears.
Further information can be found on
www.independentoilandgas.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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