Independent Oil & Gas PLC Two Year Drilling Extension at the Harvey Licence (7778X)
29 November 2017 - 6:00PM
UK Regulatory
TIDMIOG
RNS Number : 7778X
Independent Oil & Gas PLC
29 November 2017
29 November 2017
Independent Oil and Gas plc
Two Year Drilling Extension at the Harvey Licence
Independent Oil and Gas plc ("IOG" or the "Company"), the
development and production focused Oil and Gas Company, is pleased
to announce that the Oil & Gas Authority ("OGA") has agreed a
two-year extension to the initial term for licence P2085 that
includes Harvey. The licence will be extended to 20 December
2019.
Highlights
-- IOG has made a firm commitment to drill a well on the Harvey
structure, commencing by 20 September 2019
-- Rig contract to be in place by 20 November 2018
-- The gross best case unrisked prospective gas resources for
the Harvey structure of 114 BCF, makes the licence potentially the
largest in IOG's 100% owned portfolio
Mark Routh, CEO and Interim Chairman of IOG commented: -
"We are pleased to have received a 2-year extension to the
Harvey licence as it further validates our commitment to drill the
well on what has the potential to become our largest gas asset. We
will now progress to finalise our plans to drill the well and look
forward to providing details in due course."
Harvey Overview: -
Harvey lies directly between IOG's Blythe and Vulcan Satellites
hubs. Upon successful appraisal, Harvey gas could be exported via
the nearby Thames Pipeline, in line with IOG's hub strategy.
An independent Competent Persons Report has estimated the
Low/Best/High case unrisked gross prospective gas resources on the
Harvey structure to be 45/114/286 BCF (36/90/226 BCF on licence).
The fully risked EMV for the 100%-owned Harvey licence is GBP79
million.
A Harvey development would be likely to have significant
economic synergies with IOG's two nearby gas hubs.
-ENDS-
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries:
Independent Oil and Gas plc
Mark Routh (CEO) +44 (0) 20 3879
James Chance (CFO) 0510
finnCap Ltd
Christopher Raggett / Anthony
Adams +44 (0) 20 7220
(Corporate Finance) 0500
Camarco
Georgia Edmonds / Tom Huddart +44 (0) 20 3757
/ Monique Perks 4980
Notes
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas Reserves in the UK
Southern North Sea. The Company is targeting a 2P peak production
rate in excess of 200 MMcfd (c. 35,000 Boe/d) from its substantial
current portfolio via an efficient hub strategy. Alongside this it
continues to pursue value accretive acquisitions, to generate
significant shareholder returns. All of IOG's licences are owned
100% and operated by IOG.
Further information can be found on
www.independentoilandgas.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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