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11 Sep 2019 | 14:14

Independent Oil and Gas appraisal well confirms natural gas at Harvey prospect

Independent Oil and Gas said an appraisal well had confirmed the presence of natural gas at its Harvey prospect in the North Sea.

The Harvey appraisal well 48/24b-6 was drilled to a total depth of 7,537 feet.

The top of the Leman sandstone was encountered at 7,086 feet and two 90-foot cores had been acquired in the reservoir, along with a full suite of wireline logs.

Initial analysis of the wireline data demonstrated the presence of a 49-foot gas column at the top of the reservoir.

'We have now confirmed a gas discovery at Harvey and are kicking off the analysis required to reach a definitive view on resource range, reservoir quality and deliverability,' chief executive Andrew Hockey said.

'We will then evaluate Harvey's development potential in the context of our core project, which will be fully-funded at farm-out completion.'

'Our gas hub strategy implies a relatively low commerciality threshold for this discovery, which lies in the heart of our core asset base close to the Thames Pipeline.'

At 2:14pm: (LON:IOG) Independent Oil Gas PLC share price was -0.8p at 18.2p

Story provided by StockMarketWire.com
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