7 Jun 2021 07:11
7 June 2021
IOG plc
Safe and successful installation of Blythe and Southwark unmanned platforms
IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the UK gas company targeting growth and high returns via an infrastructure-led hub strategy, is pleased to confirm that the Blythe and Southwark gas platforms, which will operate as normally unmanned installations (NUIs), have successfully been installed at their respective offshore field locations in Q2, in line with the project schedule.
For both platforms, after the suction pile foundations were fixed on the seabed and jacket legs cut to height, topsides lift operations were undertaken by the Seaway Strashnov heavy lift vessel. After the final welding of the connections between the topsides and jacket the IOG, HSM Offshore ("HSM") and ODE Asset Management ("ODE AM") teams then performed all the necessary inspections and checks. Main power was switched on, communications with the onshore control room was established, and the requisite post installation remotely operated vehicle (ROV) surveys were undertaken, before both platforms were signed off as complete.
Further details of the installation process will shortly be available at: www.iog.co.uk/investors/results-reports-and-presentations/
Andrew Hockey, CEO of IOG, commented:
"Safe, successful and timely installation of the Blythe and Southwark unmanned platforms is another important milestone for our Phase 1 development. These facilities are integral to our infrastructure-led hub strategy and form a pivotal link between our co-owned and operated offshore pipeline network and our onshore Thames Reception Facilities at Bacton Terminal. With forecast average power demand as low as 33kW they are also an important part of our low-carbon operating philosophy.
This installation is the final element of the EPCI contract we awarded last year to HSM Offshore, with whom we are pleased to have collaborated successfully to bring these platforms to fruition."
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 Corporate Finance & IR)
| +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 |
About IOG:
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas reserves of 302 Bcfe¹ and management estimated 2C gas Contingent Resources of 132 Bcfe, via an efficient hub strategy based on co-owned infrastructure. In addition to its 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C contingent resources at Goddard, it has management estimated gross 2C contingent resources of 23 Bcfe at Abbeydale and unrisked mid-case prospective resources of 66 Bcfe at Thornbridge, 31 Bcfe at Southsea, 31 Bcfe at Kelham, 27 Bcfe and 16 Bcfe in the two Goddard flank structures, and 21 Bcfe at Harvey. In December 2020 IOG also accepted a 50% operated stake in Licence P2589, containing the Panther and Grafton gas discoveries with management estimated gross mid-case contingent resources of 46 Bcfe and 35 Bcfe respectively. In addition IOG continues to pursue value accretive acquisitions to help generate significant shareholder returns.
1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression