Option expiry
The company has confirmed that the option held by its core project partner, CalEnergy Resources (CER), to acquire 50% of the Harvey and Redwell licences has now expired. However, discussions remain ongoing as to potential CER participation in these licences.
Harvey & Redwell resources
Further to the 48/24b-6 Harvey appraisal well drilled in 3Q19, as previously stated the company estimates mid-case recoverable gas volumes of 40 billion ft3 in Harvey and 100 billion ft3 in Redwell. IOG continues to progress sub-surface re-mapping and modelling of the Harvey-Redwell area to further define its commercial potential.
Andrew Hockey, CEO of IOG, commented: "We are advancing our Harvey and Redwell mapping and modelling work in order to generate optimal development plans for these assets. In the context of our core project, we believe they will present attractive incremental investment opportunities for the company."