REG - IOG PLC - Elgood First Gas

IogAnnouncement

16/03/2022 07:00

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RNS Number : 8954E  IOG PLC  16 March 2022

16 March 2022

 

IOG plc

 

Elgood First Gas

 

IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and
infrastructure operator focused on high return projects, is pleased to confirm
First Gas from the Elgood field, part of Phase 1 of its Saturn Banks Project.

 

Following the confirmation of First Gas at Blythe on Monday, the Company
yesterday also brought Elgood into production. Elgood has been developed as a
subsea tie-back to the Blythe normally unmanned platform, which is controlled
from Bacton terminal.

 

As previously indicated, an initial view on flow rates will be assessed once
stable production has been established from both fields. The Company intends
to analyse reservoir performance data over the initial months of production to
inform an annual production guidance range.

 

Andrew Hockey, CEO of IOG, commented:

 

"I am very pleased to confirm that Blythe and Elgood fields have now both been
started up, adding further new gas flow straight into the UK market. We look
forward to building up through this early phase of start-up to establish
stable production rates so that we can assess production guidance in due
course.

 

Developing further UK gas resources is the right thing to do both from an
environmental and energy security perspective. We are encouraged by the recent
government discussions with industry and ministerial comments on supporting
further investment in domestic gas supply, which is exactly what IOG stands
for."

 

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                                            +44 (0) 20 7036 1400

 Andrew Hockey (CEO)

 Rupert Newall (CFO)

 James Chance (Head of Capital Markets & ESG)

 finnCap Ltd                                        +44 (0) 20 7220 0500

 Christopher Raggett / Simon Hicks

 Peel Hunt LLP                                      +44 (0) 20 7418 8900

 Richard Crichton / David McKeown

 Vigo Consulting                                    +44 (0) 20 7390 0230

 Patrick d'Ancona / Finlay Thomson / Oliver Clark

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 (http://www.iog.co.uk) .

 

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