Independent Oil and Gas (IOG) has updated its exploration plans for the P1737 Cronx license in the UK North Sea.

The company had hoped to complete acquisition by April 30, although it now appears that an extension of the license is in operation until the end of December.

However, IOG still aims to effect the transaction as soon as possible, procure a drilling rig for the commitment well, and put in place the necessary permits for drilling the well before the end of this year.