Independent Oil and Gas has entered into an agreement to acquire 100% of the UK licence block 48/22a from Swift Exploration (Swift) for an initial consideration of approximately £468,000. Block 48/22a contains a gas discovery which IOG intends to rename Cronx. The Acquisition is subject to the satisfaction of certain conditions on or before 30th April 2014 including the approval of the Department of Energy and Climate Change (DECC).

The Cronx gas discovery is 14km north-west of the Blythe field in which IOG holds 50%. Cronx was discovered in 2007 by well 48/22b-6 drilled by Perenco UK Ltd. Subject to agreement with the co-owner of the Blythe field, Alpha Petroleum Resources Ltd and the successful development of Blythe, the gas export of Cronx would be via the Blythe hub which will be 50% owned by IOG.

Tags: Independent Oil and Gas plc