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HOUSTON – (June 26, 2015) – Independent Oil and Gas PLC (IOG) is extending its seismic remapping agreement with Baker Hughes’ Reservoir Development Services (RDS) group to better understand resource potential for its Blythe and Cronx/Elgood projects in the Southern North Sea (SNS), with an expected delivery date of late July 2015.
“We are pleased to strengthen our relationship with RDS as the initial results from the seismic remapping work are positive,” said Mark Routh, IOG’s Chief Executive Officer. “We expect that the resource plays beneath the Blythe and Cronx/Elgood fields are larger than first anticipated, and with additional reservoir understanding we can more than double our proven reserves, which are currently 3.0 MMBOE.”
“We believe that the added field remapping will help to better predict resource potential and accessibility,” said Scott Reeves, President of Reservoir Development Services. “By understanding the critical reservoir properties we’ll be able to recommend and engineer a development plan to help maximize profitable recovery.”
RDS will also evaluate IOG’s future prospects and discoveries in the SNS including, Truman, Harvey, Hambleton, Tetley and Rebellion. The companies intend to expand the relationship beyond the evaluation phase to other services that Baker Hughes could provide for field planning and development.
The extended agreement comes after IOG commissioned RDS to complete a remapping project on 3D seismic data it purchased in 2014. RDS provided a set of maps showing the Rotliegendes, Carboniferous and Hauptdolomit hydrocarbon bearing zones in the SNS. This work helped remove uncertainties relating to commercial volumes in both discoveries and will now be further enhanced with new data purchased by IOG.
Baker Hughes’ RDS group maximizes profitability for E&P operations by providing the expertise to improve reservoir understanding, engineer value-added solutions, and efficiently manage a field.
Independent Oil & Gas PLC is an oil and gas company with established assets focused on the UK North Sea. The company's strategy is to deliver near term development and production assets in North West Europe, through its extensive technical and commercial expertise, whilst maintaining some exposure to exploration upside. The company is looking to grow both organically and through acquisition.
Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 53,000 employees work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources.
For further information, please contact:
Independent Oil and Gas
Media and Investor relations:
Camarco, Billy Clegg / Georgia Mann
+44 (0) 20 3757 4980
Melanie Kania, Enterprise Media Relations, Baker Hughes.
Alondra Oteyza, Director Investor Relations, Baker Hughes.