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IOG London S.E.

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IOG

GB00BF49WF64

IOG shares soar amid North Sea contract cancellation

June 26, 2023 at 05:58 am

IOG PLC - UK-focused offshore gas developer - Cancels contract for the Shelf Drilling Perseverance rig to maximise near-term cash flow". This comes as it completes the Blythe H2 well wireline intervention, which now flows at a maximum stabilised rate of around 42 million standard cubic feet per day. Says this is slightly above its 30 million to 40 million guidance. Notes production is now initially set at 20 million feet per day. The H2 well is in the southern North Sea and is being drilled by the Perseverance rig under IOG's contract with Shelf Drilling Ltd, signed in 2020.

Current stock price: 5.50 pence, up 31% on Monday

12-month change: down 82%

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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Company Profile

IOG plc (IOG) is a United Kingdom-based gas and infrastructure operator. The Company is engaged in the exploration and development of oil and gas opportunities in the Southern North Sea. The Company's projects include Saturn Banks Project - Phase I, Saturn Banks Project - Phase II and Incremental Assets. The Company owns 50% Saturn Banks Project- Phase I is developing three fields, Blythe, Elgood and Southwark, in the United Kingdom Southern North Sea. In Blythe field, the Company licenses P1736 that covers 49/22b & 48/23a. In Elgood field, the Company licenses P2260 that covers 48/22c. In Southwark field, the Company licenses 1915 that covers 49/21c. The Company owns 50% in the United Kingdom Southern North Sea, Nailsworth, Elland and Goddard, which collectively form Phase II. In Nailsworth, the Company licenses P130 & P2342 and covers 48/25b & 48/25a; In Elland, the Company licenses P039 and covers 49/21a, and In Goddard, the Company licenses P2438 and covers 48/11c & 48/12b.

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