IOG chief: Vulcan Satellites are a “transformational acquisition”
Mark Routh, chief executive of Independent Oil and Gas Plc (LON:IOG) says the company’s decision to acquire new assets in the UK’s Southern North Sea “demonstrated that there is life in the North Sea for low-cost developments and projects”.
The assets, referred to collectively as the Vulcan Satellites, are located close to the group’s Blythe gas project and do not require any further appraisal.
It will see the AIM quoted, independent North Sea company gain 320bn cubic feet of gas resources – which is equivalent of 53.45mln barrels of oil.
“This is a transformational acquisition for us, it builds the hub to the east of our Blythe gas hub, so we’re going to have 2 gas hubs to develop and we’re working hard on the development and export route options,” he adds.