Independent Oil and Gas encouraged by ATP takeover

26th Nov 2013 14:43

Shares in Independent Oil and Gas (IOG) received a moderate boost as a buyer has emerged to take over its partner in two North Sea oil blocks.The AIM-listed company pointed to US court documents that confirmed Alpha Petroleum (UK) was the proposed buyer of ATP Oil and Gas UK, which owns the other 50% of each of IOG's 50%-owned Blythe and Skipper licences.IOG Chief Executive Officer Mark Routh said this raised the hope that these assets will be able to be developed more quickly. "This is a significant event for IOG because once the sale of ATP UK has concluded IOG will be able to proceed with the development and appraisal programmes for Blythe and Skipper. "We have met Alpha Petroleum and have high regard for both them and the ATP UK management team and subject to the relevant approvals being obtained for the sale of ATP UK, we look forward to working with them and progressing our joint assets as quickly."Shares in IOG were up 7.8% to 27.5p at 15.15 on Tuesday. OH