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IOG reveals £79mln valuation for Harvey project

"We are delighted with the result of the CPR and the EMV of the Harvey structure on our licence being determined at £79mln,” said chief executive Mark Routh

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IOG will drill Harvey within two years

Independent Oil & Gas PLC (LON:IOG) has unveiled a new assessment of the Harvey licence in the North Sea, giving the project an expected monetary value of £79mln.

ERC Equipoise, IOG’s consultant, has also estimated an unrisked gross valuation of £159mln for the overall Harvey structure, and £129mln for the licence.

READ: IOG reveals new gas estimate for Harvey project

IOG is committed to drilling a well at the Harvey project within two years, and well scheduling is currently underway.

"We are delighted with the result of the CPR and the EMV of the Harvey structure on our licence being determined at £79mln,” said chief executive Mark Routh.

“This clearly validates our commitment to drill the well on what has the potential to become our largest gas asset.”

READ: IOG reveals big upgrade to gas reserves for North Sea gas hubs

Routh added: “The value of Harvey is strengthened by the synergies with our Southern North Sea gas development hubs, notably shared use of a fully owned Thames Pipeline gas export route. 

“Alongside these two hubs, the Harvey appraisal opportunity therefore represents very material upside to IOG even on the mid case volumes.  We are therefore actively considering how soon we can drill the well.  We look forward to updating all stakeholders in due course."

Quick facts: Independent Oil & Gas PLC

Price: 13.25 GBX

AIM:IOG
Market: AIM
Market Cap: £63.62 m
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