19th Apr 2016 08:33
LONDON (Alliance News) - Independent Oil & Gas PLC on Tuesday said it struck a deal to acquire the half of the North Sea project area which contains the Blythe discovery that it did not already own.
Independent Oil & Gas signed a sale and purchase agreement to acquire the remaining 50% of blocks 48/22b and 48/23a from Alpha Petroleum Resources Ltd for an initial GBP1.5 million.
A further USD5.0 million will be paid at first gas, Independent Oil & Gas said.
"Crucially, owning 100% of Blythe now allows us to optimise the wider Blythe Hub development concept. IOG's initial plan is to install a small unmanned platform at Blythe with pre-installed risers to tie-back nearby discoveries making Blythe the centre of a new hub," said Mark Routh, the chief executive of Independent Oil & Gas.
Shares in Independent Oil & Gas were up 1.6% to 16.26 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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