StockMarketWire.com - Independent Oil and Gas's licence for Blocks 48/22b and 48/23a in the southern North Sea containing the Blythe gas discovery has been formally extended until 31 December 2017 following talks with the UK Oil & Gas Authority.

IOG owns 100% of the licence and is the operator. Blythe needs no further appraisal and has independently verified gross 2P reserves of 34.3 BCF (6.1 MMBoe).

Chief executive Mark Routh said: "Blythe is at the centre of our first gas hub so this licence extension is welcomed and is absolutely essential. We are on track to submit a draft Field Development Plan for Blythe before the end of the year. We will provide further updates on our other SNS licences in due course."








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