IOG PLC Installation of Blythe and Southwark platforms (0039B)
June 07 2021 - 2:11AM
UK Regulatory
TIDMIOG
RNS Number : 0039B
IOG PLC
07 June 2021
7 June 2021
IOG plc
Safe and successful installation of Blythe and Southwark
unmanned platforms
IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the UK gas
company targeting growth and high returns via an infrastructure-led
hub strategy, is pleased to confirm that the Blythe and Southwark
gas platforms, which will operate as normally unmanned
installations (NUIs), have successfully been installed at their
respective offshore field locations in Q2, in line with the project
schedule.
For both platforms, after the suction pile foundations were
fixed on the seabed and jacket legs cut to height, topsides lift
operations were undertaken by the Seaway Strashnov heavy lift
vessel. After the final welding of the connections between the
topsides and jacket the IOG, HSM Offshore ("HSM") and ODE Asset
Management ("ODE AM") teams then performed all the necessary
inspections and checks. Main power was switched on, communications
with the onshore control room was established, and the requisite
post installation remotely operated vehicle (ROV) surveys were
undertaken, before both platforms were signed off as complete.
Further details of the installation process will shortly be
available at:
www.iog.co.uk/investors/results-reports-and-presentations/
Andrew Hockey, CEO of IOG, commented:
"Safe, successful and timely installation of the Blythe and
Southwark unmanned platforms is another important milestone for our
Phase 1 development. These facilities are integral to our
infrastructure-led hub strategy and form a pivotal link between our
co-owned and operated offshore pipeline network and our onshore
Thames Reception Facilities at Bacton Terminal. With forecast
average power demand as low as 33kW they are also an important part
of our low-carbon operating philosophy.
This installation is the final element of the EPCI contract we
awarded last year to HSM Offshore, with whom we are pleased to have
collaborated successfully to bring these platforms to
fruition."
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
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR) +44 (0) 20 7036 1400
finnCap Ltd
Christopher Raggett
Simon Hicks +44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton
David McKeown +44 (0) 20 7418 8900
About IOG:
IOG owns and operates a 50% stake in substantial low risk, high
value gas reserves in the UK Southern North Sea. The Company's Core
Project targets a gross 2P peak production rate of 140 MMcfe/d (c.
24,000 Boe/d) from gross 2P gas reserves of 302 Bcfe(1) and
management estimated 2C gas Contingent Resources of 132 Bcfe, via
an efficient hub strategy based on co-owned infrastructure. In
addition to its 2P reserves at Blythe, Elgood, Southwark,
Nailsworth and Elland and 2C contingent resources at Goddard, it
has management estimated gross 2C contingent resources of 23 Bcfe
at Abbeydale and unrisked mid-case prospective resources of 66 Bcfe
at Thornbridge, 31 Bcfe at Southsea, 31 Bcfe at Kelham, 27 Bcfe and
16 Bcfe in the two Goddard flank structures, and 21 Bcfe at Harvey.
In December 2020 IOG also accepted a 50% operated stake in Licence
P2589, containing the Panther and Grafton gas discoveries with
management estimated gross mid-case contingent resources of 46 Bcfe
and 35 Bcfe respectively. In addition IOG continues to pursue value
accretive acquisitions to help generate significant shareholder
returns.
(1) ERC Equipoise Competent Persons Report: October 2017,
adjusted by Management to account for updated project timing and
compression
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