Independent Oil and Gas plc provided the following update on its Southern North Sea portfolio. The Oil and Gas Authority (OGA) has extended the Cronx licence by one year to 9 January 2017. IOG has also agreed to extend the Sale and Purchase agreement with Swift Exploration by 9 months to 30 September 2016.

The Cronx licence has a firm commitment to drill a well and so IOG would take on that obligation at completion. IOG has now received formal confirmation from the OGA that licence P2085 containing the Truman prospect and the Harvey discovery has been extended by twelve months to 20th December 2016.