13 Apr 2022 07:00
13 April 2022
IOG plc
Operational Update
IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and infrastructure operator focused on high return projects, provides a further Phase 1 update.
Earlier this month, the Company advised that it was pursuing a rapid solution to a mechanical fault on the Blythe topsides, in collaboration with its offshore Duty Holder ODE Asset Management (ODEAM). IOG can now confirm that the issue has been temporarily addressed and the Blythe well therefore re-opened yesterday, alongside ongoing Elgood production. A further permanent modification on the Blythe platform has been designed and will be installed when materials are available.This permanent modification is not anticipated to involve material downtime.
At Southwark, over last weekend the Noble Hans Deul rig was successfully moved into position alongside the platform, with the legs positioned securely on the newly installed rock pads. Preparations have been underway since then to resume development drilling at Southwark in the course of the next week.
Andrew Hockey, CEO of IOG, commented:
"We are pleased to have resolved the Blythe platform issue and restored the Blythe well into production alongside Elgood. We expect to gradually build up the aggregate production levels over the coming days and will continue with our initial production data analysis to inform future guidance. Meanwhile, resuming Southwark drilling in the coming days will be another positive step forward."
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 |
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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.