Member Info for Spazway

If you're on twitter at all we've got a decent group for IOG holders. Not as active as this but plenty of long term holders. Welcome to join if anyone is interested. Just message @Naan_Deal

Looks like Polska did the work for Clipper South so may indeed be where our NUIs will be built. Great work GGITS! You've largely put my worries to rest. https://hfg.heerema.com/projects/oil-gas-industry/clipper-south/

I may have jumped the gun slightly thinking we'd need to find another contractor. My thinking was that the UK was the most cost effective place to manufacture our NUIs due to proximity to our gas assets.

Thank you for your reply GGITS. I have emailed IOG to ask if this effects us and will let this board know what their response is (if any).

I would at first thought doubt our NUIs would be built at Polska due to location but Vlissingen is geographically very close so again, I would assume they will be built there. You make a good point about the varying cost of fabrication in the relative yards though. Perhaps if Polska there will be a slight delay due to the transporting of the NUIs compared to if they were built in Hartlepool or the Netherlands?

Our time to first gas is very quick for the industry so I wouldn't be concerned if there was a slight delay if Polska proved to be our manufacturing location. I am definitely not an expert on the industry so the above is just my 2 cents. Trying to learn more and more each day, and I am very grateful to you for sharing your knowledge.

We have previously signed an LOI with Heerema to build our NUIs for Vulcan and Blythe hubs.
https://www.offshoreenergytoday.com/iog-picks-heerema-for-up-to-four-southern-north-sea-platforms/

I've just seen today Heerema have put Hartlepool and a dutch yard up for sale. I assume we will now have to find another contractor to build our NUIs if Heerema Hartlepool is closing?

This might prove to be a fly in the ointment. I would welcome the view of others with more information and experience in the industry?

https://www.offshoreenergytoday.com/struggling-heerema-fabrication-to-sell-two-yards-amid-insufficient-project-volume/

IOG corporate presentation points to FID being due now. Even potentially overdue, although of course schedules open to change. Single most important RNS in the company’s entire history due, well... now!

Would love to get my hands of transcript of what was said, especially by ODE. Anyone on this board who was there or might know someone who caught the presentation? Not expecting anything we don't know of course but I do think the presentation could be hugely interesting regardless.

Just some background on who ODE are to us

Independent Oil and Gas plc (“IOG”), the development and production focused Oil and Gas Company, is has announced that it has signed a Letter of Intent (“LOI”) with Offshore Design Engineering Limited (“ODE”) to perform several key contractor roles for its Blythe Hub and Vulcan Satellites Hub development (“the Project”), starting with technical and operational support ahead of Final Investment Decision (“FID”).

Highlights:
ODE to provide extensive technical and operational support to IOG in both pre- and post-FID stages to deliver the Project into production

ODE to be the Operations & Maintenance service providerPre-FID costs to be fully deferred and pre-First Gas costs to be 50% deferred until first gas, thereby reducing IOG’s funding requirements

LOI further strengthens IOG commercial model with ODE as a key contractor incentivised to deliver first-rate performance

ODE will be responsible for the operational management of all IOG’s assets and for the Thames Pipeline and network of in-field pipelines, with IOG continuing to be 100% Licence Owner and Operator for all assets in the Project. It is also intended that ODE will be the Operations and Maintenance contractor upon first gas, hosting IOG’s onshore operational base at its facilities in Great Yarmouth, close to the Bacton terminal. The pre-FID technical and operational support work is due to start immediately while contract terms are being finalised.

Mark Routh, CEO and Interim Chairman of IOG commented:

“We are very pleased to be working with ODE who will be a trusted partner in IOG’s Blythe Hub and Vulcans Satellites Hub development. ODE has a wealth of relevant experience and manages several fields for other Operators in the Southern Gas Basin of the UK North Sea, so we will benefit from synergies with their existing operations. In line with our commercial model, the cost deferrals also tangibly improve IOG’s funding position both before and after FID.This LOI reflects the team’s continued strong progress with the IOG gas portfolio. We look forward to finalising the contract with ODE and agreeing similar terms with other key contractors to continue delivering our gas hub strategy.”

http://www.ode-ltd.co.uk/independent-oil-and-gas-plc-signs-loi-with-key-contractor-ode

Ah forgive me. ODE are a technical service provider, a contractor, not an asset manager in the stock market sense. http://www.ode-ltd.co.uk/

Alongside plans to continue activities in west of Shetland, where it is exploring options for its Glendronach discovery, Total outlined maintenance, repair and upgrade opportunities for its assets in the Northern North Sea as well as in

Reflecting the industry’s increasingly collaborative mindset, Independent Oil and Gas combined with major contractor, ODE Asset Management, to deliver a joint presentation looking at progress on its Vulcan and Blythe assets as well as opportunities for the supply chain in asset management.

A variety of workscopes throughout the full lifecyle of offshore assets characterised WorleyParson’s presentation. They are looking for supply chain support to help them with projects they are working on with BP, Shell and Chevron. Potential contracts in the portfolio include some engineering procurement and construction work in areas including Clair Ridge.

In support of the sector’s drive to improve competitiveness, Oil & Gas UK’s Efficiency Task Force launched e series of new case studies at Share Fair, providing delegates with an insight into the tools and guidance available to optimise supply chain resilience and growth.

ENDS

We did a presentation about Vulcan and Blythe at the O&Gs share fair on the 31st. We jointly presented with ODE asset management. Is it possible we could get funding from them? They might participate in any placing we do?

"Innovation takes centre stage as supply chain eyes future growth:

New developments, exciting opportunities and increasing optimism dominated Oil & Gas UK’s Share Fair today where major buyer companies highlighted the wave of UK North Sea opportunities to companies keen to understand the growing market for their expertise, products and services.

More than 550 people from industry attended to hear presentations from major companies on their forward plans in greater detail highlighting some of the £15 billion the industry will be spending on exploring for new resources, developing them, operating existing assets and decommissioning.

Innovative changes to Oil & Gas UK’s popular 1-2-1 sessions meant the suppliers were matched to major buyers based on how best they could meet challenges.

John McColl, Oil & Gas UK’s supply chain manager, said:

“Innovative thinking has come under the spotlight throughout the day with many companies demonstrating a readiness to consider new ideas including in our Innovation Forum. Share Fair provides suppliers with a valuable opportunity to gather feedback on their enterprising solutions.

“Many of the major purchasers at the event today highlighted opportunities at home, abroad and in other sectors for our world-class supply chain. This is key to industry’s Vision 2035 and expanding supply chain growth.

“It’s been a great day for building the supply chain the industry needs to meet the challenges of the future.”

Wood highlighted innovation, digitalisation and data-centric solutions, encouraging companies to register on their supplier list to help them deliver major international projects. As a thought leadership provider, the Advanced Forming Research Centre & High Value Manufacturing Catapult outlined its role in influencing and informing more than 140 strategic forums in different industrial sectors.

Chrysaor focused on four challenges for which supply chain solutions are being sought including flow lines from marginal wells, maintenance optimisation, late-life compression projects and corrosion under pipe support while also highlighting future investment in the UKCS and Norway.

West of Shetland is set to be a hive of activity with both BP and Total E&P highlighting future work in this frontier area. Renewal, increasing production efficiency and a renewed commitment to the UK North Sea featured in BP’s presentation which emphasized the need to find suppliers with new and nimble ways to deliver projects such as subsea tie-backs and well intervention cost-effectively.

Few nice buys beginning to trickle towards the end there. Say this every Friday hahah but fingers crossed for news next week!

Got shedloads of these

27p a decent support area I guess as shown in July and August and we've also hit the daily 200 WMA so perhaps that'll provide a bit of support as well. It's a shame there hasn't been a rise in anticipation of this news. Perhaps we'll get a chance to top up at a decent price following the news after all.

Weirdly considering wider market goings on we're having a strong day today. Some decent buying pressure. Maybe its the friday effect eh?

*buy

Probably the reason you couldn’t get any yesterday Dunder was the late reported 100k but. Presumably was worked throughout the day. MMs might have dropped price to try to fill this order?

Buys outnumber sells by multiples, but has been dropped by almost 2% instead. Quoted spread usually irrelevant for any trading in size.

Sadly not much to add. 50k seller could be an II selling down or someone with a very large shareholding trying to get rid without destroying the SP.

If I saw lots of big buys one day out of the blue I might question whether there was a leak, although IOG has never leaked in the past. I would do a scan of all info sources on the company to see if I could find anything out.

Just more waiting to do here for now. I think I might be going slightly crazy with all the anticipation... We're expecting FID (hopefully any day), then ~"late in the quarter" FDP approval and Bacton news (presumably).