Independent Oil and Gas, a development and production focused company, announced that licence P1736 that contains the Blythe gas discovery has been extended by 12 months to 31 December 2018.
The Blythe gas field contains 33 BCF of 2P reserves and is an important part of the combined Blythe and Vulcan Satellites hub developments.
The Field Development Plan ("FDP") for Blythe was initially submitted in December 2016 and re-submitted in July 2017 as part of a joint development plan with IOG's nearby Elgood discovery. First gas is expected from the Blythe Hub in the middle of 2019.
The licence extension is contingent upon a number of milestones agreed with the Oil and Gas Authority culminating in the submission of a final FDP that is capable of approval without further clarification, amendment or submissions by 31st August 2018.
Mark Routh, CEO and Interim Chairman of IOG commented:
"Blythe is an important part of our combined Southern North Sea dual hub development and is anticipated to provide first gas from the whole portfolio. The licence extension is welcomed and allows us to continue the significant planning and development work that is continuing within the Company. We have confidence in reaching the agreed milestones."