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Bid to buy Caithness Oil
Executive pleased at chance to increase company's production
ONSHORE energy firm IGas has made a move into the North Sea after striking a deal to buy Caithness Oil and the Moray firth licences it has stakes in.
Caithness Oil is set to take on 100 per cent of the licences for Knockinnon, Lybster and a further onshore exploration licence from Trapoil, at a cost of $7.5 million.
The deal will only go ahead if IGas completes a deal with Caithness owners or buy the firm outright for £8.95 million
IGas chief executive Andrew Austin said he was pleased at managing to secure the opportunity to increase their existing production and one that offered significant upside potential.
Last edited by Bill Fernie; 10-Sep-13 at 17:27.
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