REG - IOG PLC - Operational Update

IogAnnouncement

01/06/2022 07:00

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RNS Number : 4779N  IOG PLC  01 June 2022

1 June 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 an
operational update.

 

On 23 May, the Company announced that Saturn Banks production had been shut in
by Bacton terminal operator Perenco UK (PUK) due to a drainage system
deficiency in the terminal condensate stabilisation unit's (CSU) two recycle
compressors. The Company announced that the shut-in was expected to last for
approximately a week before a phased return to production could begin.

 

On 31 May, following a PUK modification to one of the CSU's compressors,
Saturn Banks production was duly restored at an initial level of approximately
30 mmscf/d. As previously indicated, modification of the second compressor is
expected to take approximately one further week. This will then enable Saturn
Banks production to be gradually restored to its prior stabilised levels of
55-65 mmscf/d over the following weeks. This is expected to be a gradual
process to manage the high levels of liquids currently being worked through
the Saturn Banks Pipeline System.

 

Andrew Hockey, CEO of IOG, commented:

 

"IOG, Perenco and ODE Asset Management have collaborated well to facilitate
rapid execution of the PUK terminal modification and allow our production to
be resumed at 30 mmscf/d. We look forward to a phased build up to double that
level as fast as technically feasible over the coming weeks."

 

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
resources 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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