Just a month’s setback20 Oct 2022 00:30
doesn’t justify a 50m wipe off the value of the company in one day,
Southwark A1 will be resumed after A2 first gas in Q4,
Great buying price when other’s are short sighted imo.
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The losses have not yet been sufficiently cured to drill ahead safely and the resulting delays have reduced the time available before the scheduled arrival of the hydraulic stimulation vessel. After careful consideration of the options with the relevant contractors, IOG has therefore decided to securely suspend the A1 well in order to proceed with hydraulic stimulation and commissioning of A2 to deliver Southwark first gas in Q4 as planned. Based on the current schedule and subject to further operational risks, this would be achievable by mid-December.
In parallel, several options to mitigate fluid losses and drill ahead at A1 are being worked through in preparation for completing and producing the well after bringing on A2.