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AGR signs MOU with Independent Oil & Gas Plc

Oilfield Technology,

Global oil and gas service company AGR is pleased to announce that it has entered into a Memorandum of Understanding (MOU) with Independent Oil & Gas PLC (IOG) to work together to deliver well construction and well project management services in respect of IOG’s forthcoming drilling activity.

Well construction and well project management

AGR’s EVP UK and Africa, Ian Burdis, said: “We are delighted to have been granted the opportunity to work alongside IOG to deliver their projects safely and efficiently.

“At AGR, we strive to add value to our client’s projects and with experience gathered from over 500 drilling projects globally we are well positioned to do just that.”

Mark Routh, CEO of IOG said: “We are delighted to have signed this MOU and with AGR’s assistance we look forward to operating next year’s proposed drilling programme on Cronx, subject to completing the Cronx acquisition.”

Interim results

Independent Oil and Gas Plc, the AIM listed UK oil and gas development and production company, announces its interim results for the six month period ended 30 June 2014.

Highlights for the period to 30 June included:

  • Blythe East exploration area licence awarded on 12 February 2014.
  • Three licence applications made in UK 28th licensing round, with discovered resources of approximately 45 million boe.  Awards expected to be announced in Q4, 2014.
  • Acquisition of Cronx licence to the east of Blythe agreed with completion, subject to financing, expected in Q4, 2014 resulting in IOG becoming 100% owner and operator.

The company also reported operational progress since 1 July, including:

  • MOU signed with AGR Well Management Ltd to deliver the Cronx well in summer 2015.
  • Discussions with nearby infrastructure owners to Cronx commenced, with the aim of accelerating first gas to late 2016.
  • MOU signed with Ping Petroleum to bid jointly for producing assets in the UKCS.
  • Several potential production asset acquisitions already under evaluation.
  • Termsheet agreed with BP Gas Marketing Ltd for a secured bridging loan of £3 million to be used to part fund the Cronx licence commitment well.

Adapted from press release by Cecilia Rehn

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