20 Sep 2013
Independent Oil and Gas Ltd (“IOG”), the North Sea focused Oil and Gas Company, is pleased to announce that the Department of Energy and Climate change (“DECC”) has confirmed that the Blythe and Skipper licences have been extended until 31 December 2013. IOG owns 50% of each licence which are operated by ATP Oil and Gas UK Ltd (“ATP UK”). IOG also owns 100% of the Skipper West licence, which does not expire until May 2015 and so requires no extension.
Commenting, Mark Routh, CEO of IOG, said:
Whilst these interim licence extensions were expected it is satisfying to have them formally confirmed. We look forward to a further extension in due course once the sale of ATP UK has concluded and development plans and timings have been confirmed. We appreciate the flexibility shown by DECC and look forward to progressing the development of Blythe and further appraisal of Skipper as quickly as possible.
About Independent Oil & Gas:
IOG is an oil & gas company with established assets focused on the UK North Sea. The company’s strategy is to deliver near term development and production assets in North West Europe, through its extensive technical and commercial expertise, whilst maintaining some exposure to exploration upside. The Company is looking to grow both organically and through acquisition.
IOG has four licences in the North Sea: In addition to the Blythe and Skipper licences co-owned 50% with ATP UK, IOG has a 100% working interest in two licences awarded in the 27th licencing round. One is to the west of and adjacent to Skipper, the other is to the east of Blythe. Both these licences have potential resources that could be tied back to developments at Skipper and Blythe respectively.