Published on 21 Jun 2016
Independent Oil and Gas Plc (LON:IOG) announced on Tuesday the completion of its deal to take full control of the Blythe gas project, in the Southern North Sea.
It has now acquired the 50% of Blythe that it didn’t already own, paying £1.5mln initially with a further US$5mln due when the field achieves ‘first gas’.
Mark Routh, chief executive, tells Proactive Investors the deal is the “catalyst which allows us to move forward on a proven development plan”
“By taking control of the Blythe asset, which is a proven reserve that needs no further appraisal, we can go straight into the development of Blythe without any partner drag and we can define our own destiny on how we do it,” he says.