UK-based Independent Oil and Gas (IOG) has completed its acquisition of the 50% of the Blythe discovery it didn't already own, doubling its reserves.
IOG has gained 100% of the discovery by acquiring 50% in a license covering Blocks 48/22b and 48/23a in the Southern North Sea.
IOG is paying an initial consideration of £1.5 million with deferred consideration of a further US$5 million to be paid at first gas.
IOG says Blythe requires no further appraisal activity. The deal adds 17.2 Bcf or 3 MMboe to IOG’s independently verified 2P reserves.
Mark Routh, CEO of IOG commented: “We are delighted to have completed the acquisition of the Blythe gas discovery which immediately doubles our independently verified 2P reserves and gives the Company 100% ownership and control of the Blythe hub assets in addition to the recently announced pending acquisition of the nearby Vulcan satellites hub. We are making good progress with the field development plan for Blythe and an update will be made in due course.”