IOG delays at Blythe

Timeline change: Independent pushes back timeline

London-listed Independent Oil & Gas (IOG) has suffered some setbacks at its Blythe and Skipper projects.

The North Sea-focused player has pushed back the timeline on the Blythe field development, with first gas now anticipated for mid-2016.

Results from a survey are now not expected until the end of 2013, due to a limited supply of suitable vessels.

The company has committed to reprocessing 3D seismic data over the Harvey discovery and the Truman prospect in order to assess their potential.

Prospects are located to the east of Blythe, with IOG holding a 100% interests in them.

This means that the company will now submit its field development plan in the fourth quarter.

“If the remapping confirms their potential size, one or both could be tied back to the Blythe hub,” the company said.

Under an agreement with BP Gas Marketing, 50% of the gas produced by Blythe will be sold to the company.

At the Skipper project, the company has pushed back the date of an appraisal well to allow for time to compare and find a suitable rig.

Drilling will now start in the second or third quarter of 2015.

The well will appraise the Skipper discovery and target two exploration prospects directly beneath.

The net contingent resource at Skipper is 13.1 million barrels of oil, with another 46 million barrels of potential oil in place.

Chief executive Mark Routh said the partners in the projects have received extensions through to the end half of 2015.

“Since joining AIM on 30 September 2013, the Blythe and Skipper licences have been extended to 30 September 2015,” he said.

“APR, our partner and operator in these licences has been acquired and is fully funded.”

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