IOG Completes Blythe Acquisition

Independent Oil and Gas plc has completed the acquisition of the other 50 percent of the license covering Blocks 48/22b and 48/23a in the Southern North Sea, containing the Blythe gas discovery.  

Following the completion of the deal, IOG now owns a 100 percent operated interest in the license. The company will hand over an initial consideration of $2.2 million for the asset, with a deferred payment of a further US$5 million to be paid at first gas.

Blythe requires no further appraisal and this transaction adds a further 17.2 billion cubic feet to IOG's independently verified 2P reserves.

"We are delighted to have completed the acquisition of the Blythe gas discovery which immediately doubles our independently verified 2P reserves and gives the company 100 percent ownership and control of the Blythe hub assets, in addition to the recently announced pending acquisition of the nearby Vulcan satellites hub,” said Mark Routh, CEO of IOG, in a company statement.

“We are making good progress with the field development plan for Blythe and an update will be made in due course," he added.



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

WHAT DO YOU THINK?

Click on the button below to add a comment.
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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  GLA is 'Single Accumulation', Largest ... (Mar 27)
 -  Software Developer Mltech Completes Fi... (Mar 27)
 -  Aberdeen City Council Lifts Finance Ba... (Mar 27)
 -  Total-Borealis-Nova JV to Build Ethane... (Mar 27)
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager, USA
Expertise: Project Management
Location: United States
 
Financial Analyst - Finance and Investor Relations
Expertise: Accounting|Financial Analyst|Legal
Location: Dallas, TX
 
Regional Project Controls Supervisor Job
Expertise: Project Controls|Project Management
Location: Amarillo, TX
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours