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.
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