In July, IOG agreed to farm out 50% of the core area licenses to CalEnergy Resources, which paid an initial consideration of PS40m and a further PS125m of IOG's costs for the first two phases of the project.
Signing of this SPA is important for the Core Project as, on completion, IOG will own the reception facilities where all of its gas will land to shore before being transported into the main Perenco Bacton plant for final processing and then into the National Transmission System for sale into the UK gas market.
"Having this year suffered extreme weather conditions, with the winter's 'Beast from the East' through to this summer's unprecedented record heatwave, the climate has tested groundsmen to their limits," said IOG chief executive Geoff Webb.
The event took place at the home of Newcastle United, St James' Park and involved a presentation by Ian Powell, Regional Pitch Advisor from the IOG (Institute of Groundmanship) who discussed many different aspects of grounds maintenance which although not significantly technical, can have a huge positive impact on grass pitches.
THE expertise of Martin Stephenson of Ashbrook Sports Club in Seaham is being recognised by this year's Institute of Groundsmanship (IOG) Industry Awards after being shortlisted for the IOG Most Promising Sportsturf Student of the Year Award.