Significant Contingent and Prospective Resources Confirmed at Goddard
Tuesday 16 October 2018
Independent Oil and Gas plc, the development and production focused oil and gas Company, announced the results of a Competent Person’s Report (“CPR”) on the Goddard licence by ERC Equipoise Limited ("ERCE").
Highlights:
- Gross mid-case contingent (2C) gas resources of 108 BCF for the main Goddard structure, plus gross mid-case unrisked prospective gas resources in two adjacent structures directly to the east of the Goddard discovery of 73 BCF, which are both in line with management estimates
- Subject to appraisal, a success case scenario and development, these resources could convert to 181 BCF in the mid-case
- Gross unrisked 1C/2C/3C Contingent Gas Resources are 54.3/107.8/202.8 BCF
- In addition, the Low/Best/High gross unrisked prospective gas resources are 41.8/73.0/121.4 BCF. CPR assesses geological chance of success of the prospective gas resources at 48%
- The chance of development is estimated as being 75%
- Under the licence, which officially commenced on 1 October 2018, a firm commitment was made to the Oil and Gas Authority (“OGA”) to drill an appraisal well on Goddard within three years
- Goddard CPR and an updated corporate presentation on IOG website