IOG PLC - UK-focused offshore gas developer - Cancels contract for the Shelf Drilling Perseverance rig to maximise near-term cash flow". This comes as it completes the Blythe H2 well wireline intervention, which now flows at a maximum stabilised rate of around 42 million standard cubic feet per day. Says this is slightly above its 30 million to 40 million guidance. Notes production is now initially set at 20 million feet per day. The H2 well is in the southern North Sea and is being drilled by the Perseverance rig under IOG's contract with Shelf Drilling Ltd, signed in 2020.
Current stock price: 5.50 pence, up 31% on Monday
12-month change: down 82%
By Sabrina Penty, Alliance News reporter
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