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2 Dec 2013 07:31
Independent Oil & Gas plc
27th Licensing Round Award
2nd December 2013
Independent Oil and Gas plc ("IOG"), the North Sea focussed Oil and Gas Company, is pleased to announce that it has been offered a licence award in the UK 27th licensing round of blocks 48/23c and 48/24b with 100% working interest. The licence area lies approximately 10km to the east of the proposed Blythe development in which IOG has a 50% working interest.
Mark Routh, CEO of IOG said:
"We are delighted to be awarded this licence which delivers on IOG's strategy to build production hubs. Subject to a successful technical review and appraisal, discoveries on this licence could be tied back to Blythe. We will update the market on appraisal plans and progress in due course."
IOG has committed to acquire and reprocess 85 sq kms of existing 3D seismic data. IOG has identified two potential structures in the area in the Rotliegend Sandstone, one of which has confirmed gas shows when drilled by Arco in 1984.
-ENDS-
Enquiries:
Independent Oil & Gas plc: | ||
Mark Routh (CEO) Peter Young (CFO) | +44(0) 20 3051 9632
| |
Charles Stanley Securities: (Nominated Adviser) Philip Davies
|
+44 (0) 20 7149 6942 | |
Bell Pottinger: | ||
Philip Dennis | pdennis@bell-pottinger.com | +44(0) 20 7861 3919 |
Mark Antelme | mantelme@bell-pottinger.com | +44(0) 20 7861 3894 |
About Independent Oil & Gas:
IOG is an oil & gas company with established assets focused on the UK North Sea. The company's strategy is to deliver near term development and production assets in North West Europe, through its extensive technical and commercial expertise, whilst maintaining some exposure to exploration upside. The Company is looking to grow both organically and through acquisition. Further information can be found on www.independentoilandgas.com.
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