Independent Oil & Gas PLC Vulcan Satellites FDP Submission (0639V)
October 31 2017 - 3:00AM
UK Regulatory
TIDMIOG
RNS Number : 0639V
Independent Oil & Gas PLC
31 October 2017
31 October 2017
Independent Oil and Gas plc
Vulcan Satellites FDP Submission
Independent Oil and Gas plc ("IOG" or the "Company"), the
development and production focused Oil and Gas Company, is pleased
to announce that it has submitted the Field Development Plan
("FDP") for the Vulcan Satellites hub development to the UK Oil and
Gas Authority ("OGA").
Highlights:
-- Three-field hub development with first gas targeted by the
end of Q2 2019 alongside first gas from IOG's Blythe hub
-- 2P reserves of 248 BCF (44 MMBOE) to be developed at the
Vulcan Satellites, alongside the Blythe Hub (Blythe and Elgood 2P
reserves of 55 BCF), and subject to a successful appraisal well,
the Harvey field
-- Peak 2P production from the Vulcan Satellites hub targeted in
excess of 150 MMcfd from a total of eight development wells
-- Life-of-hub gross revenues expected to exceed GBP1bn based on forward gas prices
-- Final Investment Decision targeted at the end of Q1 2018
The Vulcan Satellites FDP covers the three 100%-owned and
operated Southern North Sea gas fields recently officially renamed
as Southwark, Nailsworth and Elland. The three Vulcan Satellites
fields are to be jointly developed with IOG's Blythe hub, for which
the FDP was submitted in July 2017. Gas from both hubs is planned
to be exported via the recommissioned Thames Pipeline which IOG
will also own 100%.
IOG has so far announced several contractors for the delivery of
the Vulcan Satellites FDP, including Schlumberger, Heerema and ODE,
subject to contract. The contractor deferral model continues to be
employed by IOG to align all parties to the successful development
of the project and to reduce upfront funding requirements.
Discussions with rig owners, subsea & pipeline contractors and
gas off-takers for the Vulcan Satellites are at an advanced
stage.
Mark Routh, CEO and Interim Chairman of IOG commented:
"It is one year since we concluded the acquisition of the Vulcan
Satellites at a very compelling price. Since then, the IOG team has
completed extensive work across the portfolio on the seismic
reinterpretation, geophysical modelling, dynamic reservoir
modelling, development planning and optimal well design and
placement in order to deliver this FDP.
The alignment of contractors to deliver both the Vulcan
Satellites and Blythe gas hubs reflects a new spirit of North Sea
collaboration and dovetails with the OGA's Maximising Economic
Recovery initiative. We look forward to updating all stakeholders
on further progress towards project Final Investment Decision early
in 2018."
-ENDS-
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries:
Independent Oil and Gas plc
Mark Routh (CEO) +44 (0) 20 3879
James Chance (CFO) 0510
finnCap Ltd
Christopher Raggett / Anthony
Adams +44 (0) 20 7220
(Corporate Finance) 0500
Camarco +44 (0) 20 3757
Georgia Edmonds / Tom Huddart 4980
Notes
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas Reserves in the UK
Southern North Sea. The Company is targeting a 2P peak production
rate in excess of 200 MMcfd (c. 35,000 Boe/d) from its substantial
current portfolio via an efficient hub strategy. Alongside this it
continues to pursue value accretive acquisitions, to generate
significant shareholder returns. All of IOG's licences are owned
100% and operated by IOG.
Competent Person's Statement:
In accordance with the AIM Note for Mining and Oil and Gas
Companies, IOG discloses that Mark Routh, IOG's CEO is the
qualified person that has reviewed the technical information
contained in this document. Mark Routh has an MSc in Petroleum
Engineering and has been a member of the Society of Petroleum
Engineers since 1985. He has over 35 years' operating experience in
the upstream oil and gas industry. Mark Routh consents to the
inclusion of the information in the form and context in which it
appears.
Further information can be found on
www.independentoilandgas.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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