Independent Oil and Gas plc is pleased to provide a corporate update to shareholders.
•Remapping work over the core Southern North Sea ('SNS') gas portfolio with Baker Hughes RDS has helped remove uncertainties relating to commercial volumes in both Cronx and Elgood discoveries. This work will be further enhanced with new data purchased by IOG and the work scope has accordingly been extended.
•The Carboniferous resource play beneath Blythe is encouraging and appears to be a larger structure than first anticipated, with further analysis to be undertaken ahead of the final report from Baker Hughes RDS expected in July 2015.
•Initial results suggest that Cronx and Elgood are not linked, but nonetheless the Directors anticipate that the final report will support the Directors' expectations that following the completion of a new CPR, IOG's proven reserves which are currently 3.0 MMBOE could more than double.
•The additional Baker Hughes work to evaluate the prospectivity beneath the Skipper discovery and also to evaluate other SNS prospects and discoveries including Truman, Harvey, Hambleton, Tetley & Rebellion is expected to commence once the final report is completed and subject to IOG's funding.