Exploration company Island Oil and Gas has been awarded a Dutch exploration licence - its first international licence.
The company said that formal transfer documents are currently being completed for the transfer of the Q13 production licence, offshore Holland, to the company.
The Q13 licence covers an areas of 30 square kilometres and contains the Amstel Field, which has about 7-12 million barrels of recoverable reserves.
The field is located within the West Netherlands Basin, a prolific oil and gas province.
Island will initially hold a 100% working interest in the licence. It added that once the deal for 40% mandatory state participation through Energie Beheer Nederland has been completed, it will hold a 60% interest in the activities.
'The award of this licence further underpins our strategy of focusing on near-development oil and gas projects that are capable of generating early cash flow due to proximity to existing infrastructure', commented Paul Griffiths, Island's CEO.
