Two Year Drilling Extension at the Harvey Licence
Wednesday 29 November 2017
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.