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RNS out this morning.
First gas likely 1st week of March, slight delay due to storms which isn’t surprising so, for me, expected a short delay.
Southwark to start redrilling in March. Whilst this is disappointing IOG will be benefiting from income from the other 2 wells so will have more capital to realise future plans.
GLA,
SailorNL - many thanks for your posts , these are really informative and really help to explain the workings, challenges and the scope of what is happening and required for this project to get going - All the best!
The BoD have, for as long as i can recall, left news updates until the very last day or past their own set dates.
The works are '93% complete' comment in their last update offers no specifics at all.
They may be 93% into a 100 day project so would complete it in 7 days or they may have completed 93% of a 100 month project meaning that they would have 7 months left. Without saying, specifically, that they've completed 93% of a specific xyx then they may as well have not included it.
These shares will rise on 1st gas and the prospect of future development but IOG have really missed the point of keeping people updated in a times , honest manner. Sure , the profit will be nice but they have really taken the shine off of the positive.
Mole - thanks for that. I too share your view about this being an exciting time that has been tarnished by lack of transparency and factual info being released consistently by the BoD. When gas was due for end Q4 2021 we saw a steady daily rise towards that date that drifted back and then recovered. Now, whilst investor confidence should be increasing and people coming on board, anyone that has been following IOG for a while waits anxiously for a positive RNS release hopefully in the very near future to move the SP up and see value. In the meantime the SP just wavers as people don't have a clear feeling as to the whole progression being made (or adherence to timelines) which is disappointing as IOG could really have built confidence and investor interest and it could/should have been a much more positive launch and development phase. GLA, best NPM
Hi - i notice the share price is (currently) 1.49p down on the close from yesterday.
I can't see any trade info - is this as a result of the large 150,000 deal showing after close yesterday?
Not sure how to read that trade - any guidance gratefully received - cheers
HI all - am sitting waiting (impatiently) for any updates from IOG but each day hopefully brings us closer to a more positive financial position.
that aside, there are a large number of small trades around 11.03 a.m. this morning - am i missing something? I'm not sure why/how these can be worth carrying out at the low values that they have. any idea (apart form someone pressing the wrong button multiple times!) , Cheers
Hi Wolster, copied below is an email thatI received from IOG late this afternoon;
Thanks for your email.
"We will keep shareholders regularly updated through these important final steps in bringing Phase 1 onstream" indicates that further updates will be made whenever further progress milestones have been reached. One such milestone has been clearly laid out in the announcement: “full readiness for commencement of back-gassing of the offshore pipeline system is targeted for mid-February”.
You could therefore expect a further update may be likely later this month. In the meantime you should assume that the latest guidance remains valid and accurate (or else it would also have been updated).
Make of that what you will! All the best.
I get what you mean GG but I would rather IOG had not included the comments about giving regular updates if there was no further news to follow (until 1st gas). Some will have interpreted that as a 'more news coming' message but it is slightly meaningless.
Just hoping things come good for (around) 21st , obviously the reward will be nice when gas arrives but is slightly tainted by IOGs track record in communicating.
GLA - clock is ticking!
Have to agree totally with your comments Wolster about trust. Having taken an age to actually release the RNS on 25th Jan detailing a timetable IOG had a chance to claw back some of the trust lost over prior delays and lack of timely communication.
I just hope that Investors are making contact with IOG to push this point across.
It's a shame as, at a time when this should be a real positive, the board are actually damaging peoples perception, sad.
I’ve been invested here for around 5 years and, although we’re almost at 1st gas, I really struggle to understand why Bacton is taking so long.
RNS 8th Jan 2020 confirms acquisition of Bacton terminal yet 2 years later this is still not complete.
I think we all need an update from the company but, at this time, they are not particularly keeping PIs very well informed which is very disappointing.
GG many thanks for all of your help with interpreting all of the IOG activities this year. Happy, healthy 2022 to you and your family and all others in this board and also looking forward to a prosperous new year! GLA
RNS out, Southwark spudding successfully completed 30th Dec. Progress and update includes restated Mid 2022 to bring further gas online following first gas early 2022. Wishing all a happy and healthy 2022! GLA.
Good to see the rig making progress toward Southwark overnight and this morning. Good to see a connected, planned series of activity building up. GLA.
Where does it say 1st gas May / June ‘22?
RNS states (more than once) that they are still working to first gas production by end Dec this year, by end Q4 2021. Am a bit confused my your subject heading or where your timelines came from, perhaps you can advise? Thankd
RNS out giving very comprehensive operational update. All bodes well for a good end to 2021 and a very productive and rewarding 2922 to look forward too! Best wishes all!
Updated article on the OGA website about Bacton energy hub vision progress.
https://www.ogauthority.co.uk/news-publications/news/2021/bacton-energy-hub-an-open-letter-on-progress/
Great potential here for IOG to be looking to continue providing energy via natural gas or hydrogen for ‘decades to come’ . Exciting news!
The BBC story referenced by dusterinmong actually gives details as to how the use of sand will protect the Bacton coastline for another est 15 years. The scheme was completed 2 years ago to protect the coastline with natural materials, in this case tonnes of sand, rather than building a permanent physical sea wall. Think that I can rest easy knowing first gas is due before end of Q4 this year so Bacton shouldn’t be a cause of concern for anyone for some long period.
RNS just out that gives an update on rig-move and progress. Priority is that work is progressed and completed safely for all personnel involved. Footnote adds reiteration of first gas being delivered during Q4 so things progressing to plan - good luck all!
I am expecting a news update soon, IOG last RNS said Blythe should be completed ‘in 2 months of spud’. The 2 months expires this coming weekend so hoping for another update and positive pricing thereafter. GLA
Amongst the other info regarding the new issue of shares there is some information included re progress with Blythe.
The well was anticipated to take around 3 months, this morning RNS now says that will be completed approx 1 month earlier than expected so will be 1 month ahead. Given a spud date of August 2nd that means Blythe is now just a few days away from being completed meaning the realisation of gas being bought to market is another step forward.
GLA