REG - IOG PLC - Operational Update

IogAnnouncement

15/05/2023 07:00

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RNS Number : 3424Z  IOG PLC  15 May 2023

15 May 2023

 

IOG plc

 

Operational Update

 

IOG plc ("IOG", or "the Company"), (AIM: IOG.L) provides a further update on
drilling and production operations at the Blythe field.

 

·      The Blythe H2 well control event encountered from the
Hauptdolomit has been successfully isolated without the requirement to
sidetrack the well,

·      The 7" liner was run and cemented to isolate the kick/loss zone.
 

·      The 6" hole section commenced from the 7" liner shoe at 9,860ft
measured depth ("MD") as per revised plan.

·      The 6" hole section continued to the Rotliegendes reservoir
section which was encountered on Sunday 14(th) May at a depth of 11,660 ft MD
which was within expectations. Drilling continues to an expected total depth
of c.13,000 ft MD.

·      First gas from the Blythe H2 well is still expected to commence
by the end of Q2

·      Production from the Blythe H2 well will be initially ramped up to
safely and efficiently manage the production of the resident pipeline fluids
into Bacton, then expected to build up to 30-40 mmscf/d rate post ramp up

·      The Blythe H1 well is initially planned to be shut in once the H2
well is fully onstream to reduce water production into the pipeline however
the H1 well will remain available for production

 

Rupert Newall, CEO, commented:

 

"The IOG, Petrofac and Shelf teams have worked extremely hard to isolate the
kick/loss zone safely and successfully on Blythe H2. I am pleased to say that
the 6" hole section has so far been drilled efficiently and it is encouraging
that the top reservoir has been encountered within expectations. The teams are
working tirelessly to ensure the remainder of the well as well as the hook up
and commissioning of the new well into the Saturn Banks Pipeline system is
delivered as efficiently as possible."

 

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

 Rupert Newall (CEO)

 Dougie Scott (COO)

 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

About IOG:

 

IOG is a UK developer and producer of indigenous offshore gas. The Company
began producing gas in March 2022 via its offshore and onshore Saturn Banks
production infrastructure. In addition to its production assets, IOG operates
several UK Southern North Sea licences containing gas discoveries and
prospects which, subject to future investment decisions, may be commercialised
through the Saturn Banks infrastructure. All its assets are co-owned 50:50
with its joint venture partner CalEnergy Resources (UK) Limited. Further
details of its portfolio can be found at www.iog.co.uk (http://www.iog.co.uk)
.

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