Independent Oil & Gas Buys Cronx Discovery

UK North Sea-focused junior producer Independent Oil & Gas reported Wednesday that it has agreed to acquire 100 percent of the UK license block 48/22a from Swift Exploration for $782,000.

Block 48/22a contains a gas discovery that Independent plans to name 'Cronx'. Cronx was discovery in 2007 by Perenco UK and is estimated to hold approximately 17.6 billion cubic feet of gas. Independent said that it anticipates drilling a pilot well on the discovery in November this year.

Cronx is located some eight miles northwest of the Blythe field in which Independent holds a 50-percent stake.



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