Independent Oil and Gas (IOG) has signed a Memorandum of Understanding (MoU) for the 100 acquisition of a currently disused pipeline in the UK Southern North Sea (SNS) “for a nomi- nal consideration”. “The MoU contains exclusivity provisions until 28 February 2017.?Discussions regarding the Sale and Purchase Agreement (SPA) are at an advanced stage and all parties are committed to completing this documentation and then conclud- ing the acquisition at the earliest opportunity. The company will assume operatorship of the pipeline at completion and the liability for future decom- missioning,” IOG said.
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