IOG.L Regulatory News (IOG)

15 May 2023

IOG plc

Operational Update

IOG plc ("IOG", or "the Company"), (AIM: IOG.L) provides a further update on drilling and production operations at the Blythe field.

· The Blythe H2 well control event encountered from the Hauptdolomit has been successfully isolated without the requirement to sidetrack the well,

· The 7" liner was run and cemented to isolate the kick/loss zone.

· The 6" hole section commenced from the 7" liner shoe at 9,860ft measured depth ("MD") as per revised plan.

· The 6" hole section continued to the Rotliegendes reservoir section which was encountered on Sunday 14th May at a depth of 11,660 ft MD which was within expectations. Drilling continues to an expected total depth of c.13,000 ft MD.

· First gas from the Blythe H2 well is still expected to commence by the end of Q2

· Production from the Blythe H2 well will be initially ramped up to safely and efficiently manage the production of the resident pipeline fluids into Bacton, then expected to build up to 30-40 mmscf/d rate post ramp up

· The Blythe H1 well is initially planned to be shut in once the H2 well is fully onstream to reduce water production into the pipeline however the H1 well will remain available for production

Rupert Newall, CEO, commented:

"The IOG, Petrofac and Shelf teams have worked extremely hard to isolate the kick/loss zone safely and successfully on Blythe H2. I am pleased to say that the 6" hole section has so far been drilled efficiently and it is encouraging that the top reservoir has been encountered within expectations. The teams are working tirelessly to ensure the remainder of the well as well as the hook up and commissioning of the new well into the Saturn Banks Pipeline system is delivered as efficiently as possible."

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.

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About IOG:

IOG is a UK developer and producer of indigenous offshore gas. The Company began producing gas in March 2022 via its offshore and onshore Saturn Banks production infrastructure. In addition to its production assets, IOG operates several UK Southern North Sea licences containing gas discoveries and prospects which, subject to future investment decisions, may be commercialised through the Saturn Banks infrastructure. All its assets are co-owned 50:50 with its joint venture partner CalEnergy Resources (UK) Limited. Further details of its portfolio can be found at www.iog.co.uk.