Independent Oil & Gas (LON:IOG)
Independent Oil & Gas has updated the market on the Harvey and Elgood licences.
Firstly, the Oil and Gas Authority (OGA) has continued licence P2085, which contains the Harvey discovery until 20 December 2017. If successfully appraised, this licence has the potential to be the largest gas discovery in IOG’s portfolio, with an internal P50 estimate of 113BCF. In order to extend the licence further IOG must commit to drill an appraisal well, which it expects to do later in 2017. If this licence can be successfully appraised IOG expects to tie it back to the same pipeline which it has signed an MoU to acquire. This pipeline will also be used to export gas from the Blythe and Vulcan Satellite hubs.
Secondly, technical work submitted by IOG in relation to the Elgood discovery has been accepted by the OGA and will be added to the Blythe Field Development Plan (FDP). This has an internal P50 estimate of 22BCF of recoverable gas.
Benchmark Prices
- Brent: US$50.80/bbl +US$0.24/bbl
- WTI: US$47.97/bbl +US$0.27/bbl
- Henry Hub: US$3.08/MMBtu +US$0.02/MMBtu
Risers and Fallers (Last Close)
Risers Price Movement % Chg
Sirius Petroleum +0.09p +12.1%
Empyrean Energy +0.37p +11.5%
Serica Energy +1.50p +7.1%
Fallers Price Movement % Chg
Premier Oil -2.50p -3.8%
Urals Energy -0.38p -6.3%
Gulfsands Petroleum -0.75p -9.7%