Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

IGas Acquires Scottish Licenses

change text size

Onshore UK-focused junior producer IGas reported Monday that it has agreed to buy Caithness Oil Limited, a subsidiary of Caithness Petroleum Limited, for GBP 9 million.

The deal will see IGas acquired 100-percent interests in licenses located in the northern coastal area of the Inner Moray Firth, Scotland in which Caithness has an interest.

The licenses cover the Lybster field, which was discovered in 1996 by Premier Oil when well 11/24-1 tested 36-degree API oil at more than 2,000 barrels of oil per day from the Beatrice Formation. The field was put into production in May 2012, when it produced 200 bopd gross and two million standard cubic feet of gas per day of associated gas.

IGas CEO Andrew Austin commented in a company statement:

"I am pleased we have managed to secure this opportunity to increase our existing production and one that offers significant upside potential. The transaction is in line with our strategy to grow our production base in order to fund our exploration activities and to take advantage of accretive acquisition opportunities. IGas continues its strategy of delivering secure hydrocarbons for Britain."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Songa Completes $1.1B Loan Deal to Fin... (Oct 31)
 -  Baker Hughes Launches SeismicTrak (Oct 31)
 -  Global Petroleum Sees Progress with Li... (Oct 31)
 -  Petronas Carigali Extends BW Offshore'... (Oct 30)
 -  AWE, Santos Progress Development of In... (Oct 30)
Most Popular Articles
From the Career Center
Jobs that may interest you
Supply Chain Initiatives Leader
Expertise: Materials Management , Process Management, Supply Chain Management
Location: Houston, TX
 
VP Project Controls and Estimating
Expertise: Executive, Project Controls
Location: Houston, TX
 
Project Engineering Manager
Expertise: Engineering Manager, Mechanical Engineering, Process Engineer
Location: Houston, TX
 
search for more jobs