IOG will acquire the 50% stakes in blocks 48/22b and 48/23a from current partner Alpha Petroleum Resources for an initial consideration of £1.5 million (US$2.2 million). It has also agreed to pay Alpha a further $5 million once first gas is achieved at the blocks.
This transaction not only adds material 2P (proven plus probable) reserves of 17.2 billion cubic feet at a very low cost equivalent to $2.31/boe
