North Sea's Blythe, Skipper Assets Get 3-Month Extension

UK North Sea-focused junior Independent Oil & Gas reported Wednesday that licenses covering its Blythe and Skipper assets have been extended by three months to March 31, 2014.

Independent said that it expects to see longer extensions granted over these licenses once ATP Oil and Gas UK, the operator of the Blythe and Skipper licenses, has been sold.

ATP Oil & Gas Corporation – a US-based company involved in oil and gas production in the Mediterranean Sea, the Gulf of Mexico and the North Sea – filed for Chapter 11 bankruptcy protection in August 2012. In November, Independent noted that a proposed buyer of ATP UK had been identified in US court papers and that it understood that the buyer, Alpha Petroleum, intended to retain ATP UK's management team is support of the existing business plan relating to its existing assets.

Once the sale of ATP UK is concluded, Independent will be able to proceed with the development and appraisal programs for Blythe and Skipper, in which it holds a 50-percent stake.

The Blythe field is estimated to hold proved and probable gas reserves of 17.2 billion cubic feet net to Independent, while Skipper holds best estimate reserves of 13.1 million barrels net to the company.



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