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Independent Oil and Gas gets extension of Cronx licence


Published Jan 1, 2016
Independent Oil and Gas plc

Independent Oil and Gas reports that the Oil and Gas Authority has extended the Cronx licence by one year to 9 January 2017. IOG has also agreed to extend the Sale and Purchase agreement with Swift Exploration by 9 months to 30 September 2016.

The Cronx licence has a firm commitment to drill a well and so IOG would take on that obligation at completion. IOG remains keen to complete the Cronx acquisition when circumstances allow.

IOG believes a commercial development well can be drilled and would most likely be tied back to the Blythe development in due course.

Tags: Independent Oil and Gas plc




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