UK-based North Sea explorer Independent Oil and Gas (IOG) has added the Hambleton discovery to its assets after its license covering block 48/22c was extended by 42sq km.
IOG was awarded the block, which also contains the Elgood discovery, in 2014. Hambleton was discovered by Century Exploration in 2005 and has a base case of recoverable resources of 6 Bcf, according to IOG.
IOG believes reprocessing existing 3D seismic data could increase recoverable resources up to 26 Bcf and could be potentially tied-back to the nearby Blythe development, 50% owned by IOG.
IOG is currently in discussions with several parties regarding the reprocessing of the 3D seismic data.
Mark Routh, CEO and Interim Executive Chairman of IOG said: "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. With gas prices remaining strong and rig rates and other service costs coming down, we believe this is the right time to be increasing our gas resources as part of our gas hub strategy.
"We are encouraged by the discussions that we are having regarding funding at an asset level and look forward to providing further updates in due course."
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