IOG.L Share News (IOG)

(ShareCast News) - Development and production-focused oil and gas company Independent Oil and Gas confirmed the submission of the Blythe Field Development Plan in draft format to the Oil and Gas Authority on Monday.The AIM-traded firm said the Blythe gas field, which is 100% owned-and-operated by IOG, is located in the Southern North Sea close to existing infrastructure and other IOG-owned licences.It contains independently verified 2P reserves of 34.3 billion cubic feet, or 6.1 million barrels of oil equivalent, and according to IOG's board it needs no further appraisal.First gas was expected in the second half of 2018, subject to completion of the development fundingSubmission of the draft FDP was described as a key milestone for the company as it gears up its capabilities for the field development.Reaching the milestone by the end of 2016 was also a requirement of the recent licence extension.The board said Blythe held particular importance as it is expected to produce first revenues from its current portfolio of assets.Additionally, the planned gas hub around Blythe was expected to include the nearby Elgood discovery as a tie-back to the same infrastructure.IOG remained in exclusive talks to secure the main export route for all of its SNS fields, including the 100% owned-and-operated Vulcan Satellite fields."We are pleased to deliver on our commitment to submit the draft Blythe FDP by year end," said CEO Mark Routh."Blythe is at the heart of our first gas hub and is therefore of great strategic value to us."Routh said the company was continuing to work hard to maximise the gas that could be commercially developed from its core Southern North Sea area, including the Blythe and Vulcan Satellites hubs."We are working with some well-established parties on the financing of these hubs and are pleased with progress to date."