30 Apr 2014
Update on Cronx Acquisition
Independent Oil and Gas plc (“IOG”), (AIM: IOG.L), the North Sea focused Oil and Gas Company,is pleased to provide an update on the previously announced proposed acquisition of the P1737 ‘Cronx’ licence (the “Acquisition”).
IOG’s stated intention was to complete the Acquisition by 30th April 2014, although it is now aware that a licence extension to the end of December 2014 is in place. It is IOG’s intention to complete the Acquisition as soon as possible, to procure a suitable drilling rig for the commitment well and to put in place the necessary permits for drilling the well before the end of 2014.
IOG announced on 7th March 2014 that part of the US$50m Reserve Based Debt Facility could be used in due course for a development of the Cronx field. The Facility is at the documentation stage and the Company will provide further updates to shareholders as appropriate.
About Independent Oil and Gas:
IOG is an oil and 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.
Post completion of the Cronx acquisition IOG will have five licences in the North Sea: The Blythe and Skipper licences are co-owned 50% with Alpha Petroleum Resources. IOG has a 100% working interest in two other licences awarded in the 27th licencing round. One is to the west of and adjacent to Skipper, which contains the Theakston and Moorhouse prospects and the other is to the east of Blythe containing the Truman prospect and Harvey discovery. Both these 100% owned licences have potential resources that could be tied back to developments at Skipper and Blythe respectively. The Blythe owners are targeting the Blythe Field Development Plan submission for 3Q 2014.
Further information can be found on www.independentoilandgas.com