1 Mar 2018 07:00
1 March 2018
Independent Oil and Gas plc
Operational Update
Independent Oil and Gas plc ("IOG" or the "Company"), the development and production focused Oil and Gas Company, is pleased to provide an update on the acquisition of the Thames Pipeline and the Intelligent Pigging Programme ("IPP").
Highlights
· Thames Pipeline IPP commenced on 20th February 2018 with onshore mechanical preparation work at the Bacton Terminal.
· The IPP will include pressure tests before and after pigging operations.
· Initial IPP and pressure test results are expected by late April or early May.
· Thames Pipeline acquisition SPA deadline is being extended to allow for completion during March 2018, with the main pigging work to follow.
· Field Development Plan ("FDP") approvals remain on schedule for August 2018, in line with milestones agreed with the UK Oil and Gas Authority. First gas is planned in Q4 2019, subject to project financing.
Andrew Hockey, CEO of IOG commented:
"We are pleased to have commenced the first stage of the Thames Pipeline Intelligent Pigging Programme, which is an essential step in confirming to all stakeholders that our proven and fully-owned reserves of over 300 BCF can be produced safely and efficiently via the Thames Pipeline.
We are also pleased to advance further towards completing this unique acquisition. The sale and recommissioning of a decommissioned pipeline is unprecedented in the UKCS. This has created regulatory complexities and we are grateful for the support from all of our partners, the sellers and the relevant authorities in helping us achieve a successful completion very soon. Owning high-capacity export infrastructure will be a major strategic advantage in further developing our UK Southern North Sea portfolio."
-ENDS-
Enquiries:
Independent Oil and Gas plc Andrew Hockey (CEO) James Chance (CFO) | +44 (0) 20 3879 0510 |
finnCap Ltd Christopher Raggett / Anthony Adams(Corporate Finance) | +44 (0) 20 7220 0500 |
Camarco Georgia Edmonds / Tom Huddart | +44 (0) 20 3757 4980 |
Notes
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas Reserves in the UK Southern North Sea. The Company is targeting a 2P peak production rate in excess of 200 MMcfd (c. 35,000 Boe/d) from its substantial current portfolio via an efficient hub strategy. Alongside this it continues to pursue value accretive acquisitions, to generate significant shareholder returns. All IOG's licences are owned 100% and operated by IOG.
Further information can be found on www.independentoilandgas.com