Independent Oil and Gas (LON:IOG) has had its Cronx licence in the southern North Sea extended for another year to 9 January 2017.
IOG has also agreed to extend the sale and purchase agreement with Swift Exploration by 9 months to end September 2016 and remains keen to complete the acquisition.
Official confirmation for a one year licence extension to P2085, which contains the Truman and Harvey discoveries, has also been received from the Oil and Gas Authority (OGA).
At Blythe, meanwhile, talks are ongoing with the OGA on ways to improve the project’s economics and jointly develop the discoveries in the area.
A full 3D seismic reprocessing of seismic data across its whole Southern North Sea portfolio in 2016 will demonstrate commerciality or otherwise of the Harvey and Hambleton discoveries and to better define the Truman prospect. IOG is fully funded for this work programme.
Mark Routh, chief executive, said: "Our Southern North Sea gas portfolio remains a core part of our business.
“We are delighted that the OGA has allowed us the appropriate licence extensions to keep the portfolio intact.
“We are funded to carry out a full 3D seismic reinterpretation over the portfolio which should allow us to revise resource estimates for the discoveries and prospects."