IOG has bought the block from Swift Exploration for £468,000 (US$780,000).
IOG commissioned an independent assessment of the Cronx discovery which showed a best case expected gas recovery of 17.6 billion cubic feet of gas.
The company expects to drill a pilot well in November, but this is reliant on rig availability and permit approvals, as well as funding.
IOG said the well would cost about £6.25
