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IOG completes Blythe discovery acquisition

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Oilfield Technology,

Independent Oil and Gas plc (IOG) ,the development and production focused oil and gas company, has announced the acquisition of the other 50% of the licence covering Blocks 48/22b and 48/23a in the Southern North Sea, containing the Blythe gas discovery has now completed. The acquisition means that IOG now owns 100% of the licence and is the licence operator.

As was announced previously, an initial consideration of £1.5 million was payable at completion with deferred consideration of a further US$5 million to be paid at first gas.

Blythe requires no further appraisal and this transaction adds a further 17.2 BCF or 3 million boe to IOG’s independently verified 2P reserves.

Separately IOG has agreed to issue 181 818 new ordinary shares in the capital of the company at a price of 16.5 p in lieu of payment to a creditor. The company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trading on AIM (Admission). Admission is expected to occur on 27 June 2016. Following Admission there will be 95 303 498 Ordinary Shares in issue. Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the company under the FCA’s Disclosure and Transparency Rules.

Adapted from a press release by Louise Mulhall

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