LONDON (Alliance News) - Independent Oil & Gas PLC on Tuesday confirmed the integrity of the Thames Pipeline, and said it has chosen to delay delivery of the first phase of offshore installation at its southern North Sea gas project.
Shares in the offshore oil & gas company were down 9.9% at 31.75 pence on Tuesday.
A pressure test of the Thames Pipeline confirmed its integrity and ability to deliver gas and a tethered pig inspection showed no internal corrosion or external defects, IOG said. The pipeline is expected to have a capacity of up to 550 million cubic feet of gas per day.
IOG intends to use the pipeline to carry its entire portfolio of gas in the southern North Sea.
Development its assets are ongoing, with the company expecting to proceed to a final investment decision and obtain field development plan approval in the fourth quarter of 2018.
The company has revised its southern North Sea project "to reflect the optimal timing for both fabrication and installation of key infrastructure".
As such, delivery of phase one offshore installation is to commence "immediately after the 2019-20 winter season", rather than the fourth quarter of 2019 as originally scheduled.