IOG PLC Update on Southwark drilling operations (7047O)
11 Octubre 2021 - 9:46AM
UK Regulatory
TIDMIOG
RNS Number : 7047O
IOG PLC
11 October 2021
11 October 2021
IOG plc
Update on Southwark drilling operations
IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK
gas and infrastructure operator focused on high return projects,
provides a drilling update on the Southwark field, the third of its
Phase 1 fields after Elgood and Blythe.
Over recent days the Noble Hans Deul jack-up drilling rig
mobilised to Southwark following completion of the Blythe
production well. Early on Sunday 10 October, during routine jacking
operations after arriving at the field, an issue was identified on
one of the legs of the rig and the installation process was halted.
No drilling or associated works were ongoing at the time. The rig
went to full muster while the issue was assessed and all 66 people
on board are safe and well. There was no damage to the rig hull or
to the Southwark platform.
The rig is stable and connected to tow boats while the crew
assesses its condition. The priority of IOG and its drilling
contractors remains the safety of all relevant personnel, ensuring
the rig's ongoing integrity and the safe and efficient continuation
of the Phase 1 drilling campaign at the earliest feasible time.
Noble Corporation, the rig owner, has initiated an investigation
into the cause of the issue. It is initially expected that the rig
will be transported to port to undertake any necessary assessments
before drilling can be safely resumed. The Company will release
further relevant information as it becomes available.
As per the recent Blythe drilling update, the Company continues
to expect First Gas from both the Blythe and Elgood fields in Q4
2021 once the final subsea and onshore installations are
complete.
Andrew Hockey, CEO of IOG, commented:
"Needless to say, we will be taking all necessary actions to
minimise the interruption to safe and efficient development
drilling at Southwark caused by this unexpected issue identified by
the Noble Hans Deul rig during jacking operations. Most
importantly, there has been no harm to any personnel or any IOG
assets. In the meantime, this has no bearing on the timing of Phase
1 First Gas from the Blythe and Elgood fields which remains on
schedule to occur during Q4 2021."
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 / Chris McMahon / Oliver Clark +44 (0) 20 7390 0230
About IOG:
IOG's Saturn Banks Project targets a gross peak production rate
of 140 mmscf/d (c. 24,000 Boe/d) from gross 2P gas reserves of 302
Bcfe(1) 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 gross unrisked mid-case prospective
resources of 36 Bcfe at Kelham North, 42 Bcfe at Kelham Central, 58
Bcfe at Thornbridge, 31 Bcfe at Southsea, 28 Bcfe and 19 Bcfe in
the two Goddard flank structures, and 21 Bcfe at Harvey. The Orrell
discovery, with management estimated gross 2C contingent resources
of 42 Bcfe, also lies approximately 50% on the P2442 licence held
50% by IOG.
In December 2020 IOG was also awarded 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 further significant
shareholder returns.
(1) ERC Equipoise Competent Persons Report: October 2017,
adjusted by Management to account for updated project timing and
compression
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