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Recent Sector News
“This is another important milestone in the Blythe field development but also this facility gives us great flexibility with regards to potential acquisitions and other developments such as the nearby Cronx gas discovery," CEO Mark Routh said.
Independent Oil & Gas has agreed a US$50mln debt facility that will help fund its development plans.
Last year, in Kurdistan, the group's operational momentum was matched by political developments, chief executive Tony Hayward said.
Independent Oil & Gas is adding to its potential value with the low-cost acquisition of a gas licence close to its Blythe Field in the North Sea. It will pay an initial £468,000 for block 48/22a, which will be renamed Cronx.
Like jig-saw pieces, hundreds of small stakes in producing oil wells are being put together to form a valuable, cash-generative junior oil business.
With the addition of stakes in two more projects today, it now has interests in over 200 wells in a number of key formations in North Dakota and Oklahoma.
Charles Stanley analyst Brendan Long says the 100.4p price target, which is four times the current share price, reflects the "fair value" of the company as it stands today.
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