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Independent Oil & Gas to complete Cronx deal as soon as possible

Published: 02:41 30 Apr 2014 EDT

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Independent Oil & Gas (LON:IOG) said its intends to complete the acquisition of the Cronx field as soon as possible.

The company initially aimed to complete the deal by the end of April. The transaction, once complete, will advance the 'hub' strategy by delivering a new discovery near the Blythe project in the North Sea.

A proposed US$50mln reserve based lending facility, which among other things would support the Cronx development, is currently at the documentation stage and IOG said it will provide further updates about the facility as appropriate.

IOG said it is its intention to complete the Cronx transaction as soon as possible, to procure a drill rig and procure the necessary permits this year for a drill programme - to drill the 'commitment' well at Cronx.

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