REG - IOG PLC - Saturn Banks production restart

IogAnnouncement

25/11/2022 07:00

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RNS Number : 6175H  IOG PLC  25 November 2022

25 November 2022

 

IOG plc

 

Saturn Banks production restart

 

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 operational update.

 

Saturn Banks Operations

 

-     Production has been restarted from both Blythe and Elgood into the
Saturn Banks Pipeline System ("SBPS") as planned after completion of shutdown
works

-     Gas sales are expected to recommence today following full
repressurisation of the line

-     Final connection, dewatering and backgassing of the SBPS outer
section to Southwark have all been successfully completed, bringing it up to
pressure ahead of Southwark first gas

-     Additional modifications were also completed in parallel at Saturn
Banks Reception Facilities onshore at Bacton terminal to de-risk potential for
future shutdowns

 

Southwark Drilling

 

-     A2 hydraulic stimulation operations are underway and expected to
continue into December

-     A2 first gas remains expected around year end, subject to
stimulation progress and operational risks to final hook-up and commissioning

-     A1 well to be completed after A2 first gas, as previously confirmed

 

Rupert Newall, CEO of IOG, commented:

 

"I am very pleased to confirm that Saturn Banks Phase 1 production has been
safely restarted after successful completion of shutdown activities. This was
one of our top priorities as the new leadership team and the real commitment
shown across the team to meet this key objective bodes well for our continuing
work to address recent operational challenges.

 

In parallel, with hydraulic stimulation underway at the A2 well, we are
equally focused on bringing Southwark onstream in a safe and timely manner,
the next of a series of key objectives we have set to deliver the value in our
portfolio. I look forward to keeping investors informed as these materialise.

 

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)

 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 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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