IOG PLC Operational Update (3424Z)
May 15 2023 - 2:00AM
UK Regulatory
TIDMIOG
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
Rupert Newall (CEO)
Dougie Scott (COO)
James Chance (Head of Capital Markets & ESG) +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
Vigo Consulting
Patrick d'Ancona / Finlay Thomson +44 (0) 20 7390 0230
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 .
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END
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