Independent posts Vulcan upgrade

LONDON, October 12, 2017 – The Vulcan Satellites, Blythe and Elgood assets in the UK portion of the North Sea may hold nine times as much gas as previously estimated, owner and operator Independent Oil & Gas said on Thursday.

A new competent person’s report estimated the assets to hold proved and probable gas reserves of 303 bcf (8.6 bcm), up from previous estimates of 34 bcf (1 bcm).

“This is a major landmark for our portfolio and clear vindication of our strategy of acquiring neglected and stranded assets at low cost, to be commercialised via our gas hub strategy using the Thames Pipeline export route,” Independent Oil & Gas CEO Mark Routh said in a statement. “Our submission of the Field Development Plan for the Vulcan Satellites hub, expected later this month, will be the next important step in that regard.”