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.