Tim Watts, CFO at Shield Therapeutics #STX presenting at our Life Sciences Investor Briefing Watch Now

Independent Oil & Gas Confirms Discovery On North Sea's Harvey Well

Wed, 11th Sep 2019 12:23

(Alliance News) - Independent Oil & Gas PLC on Wednesday said initial results suggest a 49-foot gas column at the Harvey appraisal well in the UK North Sea.

IOG has drilled to 7,537 feet at Harvey, into the Permian Leman sandstone reservoir. Two 90 foot cores were taken, and initial work of wireline data suggests the 49 foot column near the top of the reservoir.

The company will now analyse the other data, with the results then used to assess the future of the well. If IOG can go ahead with a low-cost subsea development, Harvey is close enough to tie-back into the Blythe platform.

Chief Executive Andrew Hockey said: "We have now confirmed a gas discovery at Harvey and are kicking off the analysis required to reach a definitive view on resource range, reservoir quality and deliverability. We will then evaluate Harvey's development potential in the context of our core project, which will be fully-funded at farm-out completion.

"Our gas hub strategy implies a relatively low commerciality threshold for this discovery, which lies in the heart of our core asset base close to the Thames pipeline. We are also pleased to report the drilling rig has seen no health & safety incidents to date."

IOG signed a farm-out in July with CalEnergy Resources Ltd, which can acquire 50% of Harvey within three months of the completion of an appraisal well.

On Monday, IOG announced it had raised EUR100 million in a five-year senior secured bond issue, which was one of the conditions of the farm-out that needed to be completed.

Shares were 4.5% lower on Wednesday shortly after midday at 18.14 pence each.

Related Shares

More News

Independent Oil & Gas Confirms Discovery On North Sea's Harvey Well

(Alliance News) - Independent Oil & Gas PLC on Wednesday said initial results suggest a 49-foot gas column at the Harvey appraisal well in the UK North Sea.IOG has drilled to 7,537 feet

11 Sep 19 12:23

Independent Oil Fulfills Farmout Condition By Raising EUR100 Million

(Alliance News) - Independent Oil & Gas PLC said Monday it has raised EUR100 million via a five-year senior secured bond issue to fund development of the company's core project in the UK a

9 Sep 19 13:45

Independent Oil & Gas Finalises Planning For North Sea Project

(Alliance News) - Independent Oil & Gas PLC said Wednesday it has finalised its project and financial planning for phase one of its Core project in the North Sea.The company is in the 1

14 Aug 19 16:41

Independent Oil Restructures London Oil & Gas Financing Agreements

(Alliance News) - Independent Oil & Gas PLC said Monday its main creditor, London Oil & Gas, has decided to convert two GBP10 million loan facilities into a 30% interest in the company and

12 Aug 19 13:10

Login to your account

Don't have an account? Click here to register.