IOG8 Jan 2019 07:50
This stuff is way out of my comfort zone, but I'm sure the locals will be happy
"The integration into our Core Project of 108 BCF 2C Contingent Resources at the newly awarded Goddard discovery makes what was already a very strong investment case even more compelling; our fully-owned and operated Southern North Sea gas development project now carries a base case IRR of 40% and post-tax NPV of over £350m. The award of Goddard to IOG in the highly competitive 30th licensing round was a big win for us - we consider it one of the most valuable remaining undeveloped UK SNS fields and an ideal fit for our portfolio, lifting our Core Project's projected peak production rate as high as 146 MMCF/d (c.25 kBoe/d). We assess the main part of the Goddard structure to be technically ready for development and with 108 BCF 2C Contingent Resources it will be the largest field in our Core Project, which can now deliver a total of over 400 BCF of gas into the UK market.