IOG doubles reserves with Blythe discovery buy

Independent Oil and Gas (IOG), a development and production focused oil and gas company, has completed the acquisition of the other 50% of the licence covering Blocks 48/22b and 48/23a in the Southern North Sea, containing the Blythe gas discovery. 

IOG signed a deal to buy the interest from Alpha Petroleum Resources in April 2016. IOG now owns 100% of the licence and is the licence operator.

An initial consideration of £1.5 million was payable at completion with deferred consideration of a further $5 million to be paid at first gas.

Blythe requires no further appraisal and this transaction adds a further 17.2 BCF or 3 MMBOE to IOG’s independently verified 2P reserves, IOG said on Tuesday.

Mark Routh, CEO of IOG commented: “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% ownership and control of the Blythe hub assets in addition to the recently announced pending acquisition of the nearby Vulcan satellites hub. We are making good progress with the Field Development Plan for Blythe and an update will be made in due course.”

Separately, IOG has agreed to issue 181,818 new ordinary shares in the capital of the company at a price of 16.5p in lieu of payment to a creditor. The company has applied to the London Stock Exchange for admission of the new ordinary shares to trading on AIM. Admission is expected to occur on June 27, 2016.

Following admission there will be 95,303,498 ordinary shares in issue. Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the company under the FCA’s Disclosure and Transparency Rules.

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Offshore Energy Exhibition and Conference (OEEC)

The three-day event features an exhibition where over 600 companies will showcase their products and services…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply