Independent Oil and Gas says it will drill a well on its Harvey license in the UK southern North Sea within two years, after a new report estimated 45-286 Bcf on the block.
The competent person's report by ERC Equipoise says the gross mid-case unrisked prospective gas resources for the Harvey structure in the block are 114 Bcf. The most likely gross unrisked prospective gas resources on the Harvey structure are estimated at 90 Bcf, with a 50% geological chance of success.
Harvey lies between IOG's Blythe and Vulcan Satellites hubs, development plans for which have recently been submitted. If successfully appraised, gas from Harvey could be exported via the nearby, to be recommissioned, Thames Pipeline.
Mark Routh, CEO and Interim Chairman of IOG commented: "If we proved up the most likely gross resource number, Harvey would be the largest field in our gas portfolio and its economics would be significantly value accretive for IOG. We look forward to providing details on the well plans in due course."
IOG's drilling plan on the structure is subject to approvals and a license extension.