20th Mar 2015 07:58
LONDON (Alliance News) - Independent Oil & Gas PLC on Friday said its 48/22c licence area in the North Sea, awarded in the 28th offshore licensing round in the UK, has been increased in size and now contains the Hambleton discovery.
The Hambleton prospect was found in 2005 and has base case of recoverable resources of 6 billion cubic feet of gas, the company said.
Independent Oil & Gas said it believes the reprocessing of existing 3D seismic data could increase the recoverable resources estimate to 26 billion cubic feet of gas and could be tied-back to the Blythe development, in which the company owns a 50% stake.
"We are delighted to be awarded the increased area we requested on this licence which potentially increases the commercial resources within our Southern North Sea gas hub," said Chief Executive Mark Routh.
By Sam Unsted; [email protected]; @SamUAtAlliance
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