Independent Oil and Gas Plc (LON:IOG) told investors it has landed a new licence in the North Sea, including a portion of the Vulcan North West discovery and other prospects.
Vulcan North West will form part of the group’s Vulcan Hub development project, it hosts 215bn cubic feet of gas, and as part of the whole project it would be tied into the Thames pipeline – which the company is also seeking to acquire.
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The new licence also hosts the Hogsback, Hobson and Goacher exploration prospects.
"We are pleased to have been awarded this licence by the OGA in the supplementary licensing round which secures and adds further gas resources to our dual gas hub strategy,” said Mark Routh, IOG chief executive.
“The award is further endorsement of our technical and environmental competencies as a SNS development operator and extends our licence coverage in this core strategic region for IOG.”
-- adds technical analyst's view--