LONDON (Alliance News) - Independent Oil & Gas PLC on Monday said a competent person's report on the Goddard licence, offshore North Sea, was completed by ERC Equipoise Ltd.
The development & production company said the report showed gross mid-case contingent gas resources of 108 billions of standard cubic feet of gas for the main Goddard structure.
In addition, the company said it discovered gross mid-case unrisked prospective gas resources of 73 billions of standard cubic feet of gas in two adjacent structures directly to the east of the Goddard licence.
"It is very encouraging that the mid-case contingent resources and the prospective resources in the Goddard structure have been independently confirmed to be in line with management estimates," said Chief Executive Andrew Hockey.
Independent Oil & Gas shares were trading 1.6% higher on Monday at 31.00 pence each.