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Operational Update

13 Apr 2022 07:00

RNS Number : 1905I
IOG PLC
13 April 2022
 

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

 

 

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.

 

 

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Date   Source Headline
25th Jan 20227:00 amRNSOperational Update
10th Jan 20227:00 amRNSUpdate on Southwark drilling operations
31st Dec 20217:00 amRNSSouthwark Development Well Spud
29th Dec 20217:00 amRNSSouthwark drilling update
14th Dec 20217:00 amRNSOperational Update
22nd Nov 20217:00 amRNSCorporate and Operational Update
22nd Oct 202112:02 pmRNSTR-1
11th Oct 20213:46 pmRNSUpdate on Southwark drilling operations
8th Oct 20212:25 pmRNSTR-1
30th Sep 202111:54 amRNSIssue of Equity
29th Sep 20214:38 pmRNSTR-1
29th Sep 20217:00 amRNSSuccessful Blythe Development Well Flow Test
28th Sep 20215:13 pmRNSTR-1
28th Sep 20212:19 pmRNSTR-1
28th Sep 202111:08 amRNSTR-1
28th Sep 20218:20 amRNSDirector/PDMR Shareholding
27th Sep 20213:05 pmRNSTR-1
23rd Sep 202111:31 amRNSResult of Oversubscribed Placing & Subscription
23rd Sep 20217:00 amRNSProposed Placing and Subscription
26th Aug 20217:00 amRNSInterim Results
17th Aug 20213:58 pmRNSIssue of Equity
16th Aug 20218:53 amRNSIssue of Equity
4th Aug 20217:00 amRNSCommitment to Net Zero from 2021
3rd Aug 20217:04 amRNSBlythe Development Well Spud
29th Jul 20217:00 amRNSSigning of Gas Sales Agreement
19th Jul 20219:05 amRNSSecond Price Monitoring Extn
19th Jul 20219:00 amRNSPrice Monitoring Extension
19th Jul 20217:00 amRNSElgood Development Well 48/22c-7 Flow Test Results
7th Jun 20217:11 amRNSInstallation of Blythe and Southwark platforms
1st Jun 20215:43 pmRNSIssue of Equity
17th May 20217:00 amRNSPhase 1 Duty Holder and Operations Contract Award
14th May 20215:21 pmRNSShare Options to Incentivise Long Term Performance
14th May 20217:00 amRNSCollaboration Agreement with GeoNetZero CDT
27th Apr 20216:03 pmRNSResult of AGM and Change of Name
26th Apr 20217:00 amRNSCompletion of Phase 1 Platforms
22nd Apr 20212:09 pmRNSTR-1
21st Apr 202110:13 amRNSTR-1
15th Apr 202112:41 pmRNSTR-1
12th Apr 20212:35 pmRNSTR-1
12th Apr 20217:00 amRNSStart of Phase 1 Development Drilling Campaign
29th Mar 20215:47 pmRNSTR-1
29th Mar 20214:12 pmRNSTR-1
26th Mar 20219:46 amRNSIssue of Equity / PDMR Shareholding
25th Mar 202112:25 pmRNSConversion of Salaries/Fees into Share Options
18th Mar 20217:00 amRNSFinal Results for the Year Ended 31 December 2020
15th Mar 20217:00 amRNSGoddard and Abbeydale Area Technical Update
18th Feb 20215:56 pmRNSIssue of New Shares
8th Feb 20217:00 amRNSAppointment of New Chief Operating Officer
3rd Feb 202112:00 pmRNSDirector/PDMR Shareholding
28th Jan 20217:00 amRNSShare Options to Incentivise Long Term Performance

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