Independent Oil and Gas plc (IOG), the development and production focused oil and gas company, is pleased to provide an update on the proposed pipeline acquisition as announced on 16 January 2017.
Substantial progress has been made on the sale and purchase agreement and it is now expected that all the pipeline owners should be in a position to sign on or before the 31 March 2017.Accordingly, the expiry date of the Memorandum of Understanding (MoU) including exclusivity provisions has been extended to 31 March 2017. The pipeline is currently disused and is being acquired for a nominal consideration.
The pipeline is intended to provide an export route for the company’s UK southern North Sea assets.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Read the article online at: https://www.worldpipelines.com/business-news/02032017/sns-pipeline-acquisition-update/