REG - IOG PLC - Operational Update

IogAnnouncement

04/04/2022 07:00

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RNS Number : 0612H  IOG PLC  04 April 2022

4 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.

 

The Company and its offshore Duty Holder ODE Asset Management (ODEAM) have
continued to investigate the previously announced chemical injection fault on
the Blythe platform which necessitated the Blythe well to be temporarily shut
in. On further inspection, additional process and safety studies and
procurement of materials are required before implementing the solution. These
workstreams are being pursued as rapidly as possible to expedite safe
reopening of the Blythe well. The Company will provide further updates as
appropriate.

 

The fault is a mechanical issue on the Blythe topsides and does not relate to
the Blythe reservoir. Moreover, it has not impacted the ability to maintain
Elgood production which continues in the meantime.

 

At Southwark, following a successful exercise to remediate the seabed
conditions, development drilling remains expected to resume by mid-April as
previously stated.

 

Andrew Hockey, CEO of IOG, commented:

 

"We are working urgently to resolve this very frustrating platform mechanical
issue which has shut in the Blythe well. Importantly, this is not a reservoir
related issue and Elgood production continues in the meantime within a very
strong gas market. We will release further updates as we clarify the timing of
Blythe resumption."

 

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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