26th Nov 2013 13:51
LONDON (Alliance News) - Independent Oil & Gas PLC Tuesday said that US court documents, posted today, have confirmed the first scheduled US hearing relating to the sale of ATP Oil and Gas UK on December 19.
The exploration and development oil and gas company said that this is an important event because once the sale is complete, IOG will be able to proceed with the development and appraisal programmes for its Blythe and Skipper operations in the UK North Sea.
ATP UK is the operator and owns 50% of each of the Blythe and Skipper licences with IOG owning the remaining 50%.
The proposed buyer has been identified as Alpha Petroleum Holdings Limited and the board of IOG believes that Alpha Petroleum's intention is to retain the ATP UK management team in support of the existing business plan relating to its existing assets including Blythe and Skipper.
IOG shares were up 8.6% to 27.70 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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