16 Mar 2022 07:00
16 March 2022
IOG plc
Elgood First Gas
IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and infrastructure operator focused on high return projects, is pleased to confirm First Gas from the Elgood field, part of Phase 1 of its Saturn Banks Project.
Following the confirmation of First Gas at Blythe on Monday, the Company yesterday also brought Elgood into production. Elgood has been developed as a subsea tie-back to the Blythe normally unmanned platform, which is controlled from Bacton terminal.
As previously indicated, an initial view on flow rates will be assessed once stable production has been established from both fields. The Company intends to analyse reservoir performance data over the initial months of production to inform an annual production guidance range.
Andrew Hockey, CEO of IOG, commented:
"I am very pleased to confirm that Blythe and Elgood fields have now both been started up, adding further new gas flow straight into the UK market. We look forward to building up through this early phase of start-up to establish stable production rates so that we can assess production guidance in due course.
Developing further UK gas resources is the right thing to do both from an environmental and energy security perspective. We are encouraged by the recent government discussions with industry and ministerial comments on supporting further investment in domestic gas supply, which is exactly what IOG stands for."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.
Enquiries:
IOG plc Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Capital Markets & ESG)
| +44 (0) 20 7036 1400 |
finnCap Ltd Christopher Raggett / Simon Hicks
| +44 (0) 20 7220 0500 |
Peel Hunt LLP Richard Crichton / David McKeown | +44 (0) 20 7418 8900 |
Vigo Consulting Patrick d'Ancona / Finlay Thomson / Oliver Clark
| +44 (0) 20 7390 0230 |
About IOG:
IOG is a Net Zero UK gas and infrastructure operator focused on high-return projects. The Company's operations are currently concentrated around its offshore and onshore Saturn Banks infrastructure in the UK Southern North Sea. Phase 1 of its Saturn Banks Project, which started production in March 2022, entails the commercialisation of the Blythe, Elgood and Southwark gas fields through this infrastructure. Phase 2 of the Saturn Banks Project entails the Nailsworth, Goddard and Elland gas discoveries, which are subject to future investment decisions and expected to be commercialised through the same export infrastructure. The Company also holds further licences with additional assets including the Abbeydale, Panther and Grafton gas discoveries, the Kelham North, Kelham Central, Thornbridge and Thornbridge Deep prospects, and part of the Orrell gas discovery. Currently, all IOG's licences are held 50:50 with its joint venture partner CalEnergy Resources (UK) Limited and operated by IOG. In addition, the Company continually evaluates further opportunities for accretive portfolio additions to help generate additional shareholder returns. Further details are available at www.iog.co.uk.