Independent Oil & Gas PLC Operational Update (6675M)
May 01 2018 - 1:00AM
UK Regulatory
TIDMIOG
RNS Number : 6675M
Independent Oil & Gas PLC
01 May 2018
1 May 2018
Independent Oil and Gas plc
Operational Update
Independent Oil and Gas plc ("IOG" or the "Company"), the
development and production focused Oil and Gas Company, is pleased
to provide an operational update on its Southern North Sea dual hub
development project, the Thames Pipeline Intelligent Pigging
Programme ("IPP"), and Harvey.
Highlights
-- Contract with Subsea7 signed to provide a Diving Support
Vessel ("DSV") to execute the offshore scope of work for the
IPP.
-- 3D seismic reprocessing to Pre-Stack Depth Migration underway
over the Harvey structure to optimise the appraisal well
location.
-- New Drilling Manager appointed, Gordon McCaig, who will
become IOG's Well Integrity Authority for the Harvey well and the
ten development wells that IOG will drill on the Blythe Hub and
Vulcan Satellites Hub.
-- Environmental Impact Assessment for the Vulcan Satellites Hub
was submitted to the Department of Energy and Industrial Strategy
("BEIS") on 24 April 2018.
Ahead of the IPP commencing, the DSV mobilised to location on 26
April 2018 and has commenced work. The IPP will include pressure
tests of the Thames Pipeline before and after pigging operations.
The Initial IPP and pressure test results are expected by early
June 2018.
In addition to the IPP, the Front End Engineering and Design
("FEED") contract has been awarded to Wood, a reputable
international engineering house, for the subsea and pipelines scope
of work on the dual hub development. Platform fabrication FEED was
completed by Heerema Fabrication Group on 30 April 2018 and design
notification will be submitted to the UK Health and Safety
Executive ("HSE") shortly.
The Company remains on schedule for Field Development Plan
("FDP") approvals for the Blythe and Vulcan Satellites Hubs by the
end of August 2018, with first gas planned in Q4 2019.
Andrew Hockey, CEO of IOG commented:
"We are pleased to have progressed from the onshore mechanical
preparation stage of the Thames Pipeline Intelligent Pigging
Programme, which commenced in February, to the crucial offshore
stage of operations. This pigging is an essential step in
confirming to all stakeholders that our proven and fully-licensed
2P reserves of over 300 BCF can be produced safely and efficiently
via the recommissioned Thames Pipeline. Owning high-capacity export
infrastructure is a major strategic advantage in further developing
our UK Southern North Sea portfolio.
In parallel with the Intelligent Pigging Programme we continue
to make good progress toward completing the necessary engineering
and technical studies and submissions to the regulatory bodies to
support our Final Investment Decision ("FID") for which we remain
on track by the end of August. We look forward to providing further
updates on the pigging programme, progress toward final investment
decision and the appraisal well at Harvey at the earliest
opportunity.
In addition to unlocking the value from our development and
appraisal assets, the Company continues to seek opportunities for
further portfolio expansion through selective asset acquisitions
and licensing rounds."
-ENDS-
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas plc
Andrew Hockey (CEO) +44 (0) 20 3879
James Chance (CFO) 0510
finnCap Ltd
Christopher Raggett / Anthony
Adams
(Corporate Finance)
Emily Morris / Camille Gochez +44 (0) 20 7220
(Corporate Broking) 0500
Camarco
Georgia Edmonds / Tom Huddart +44 (0) 20 3757
/ Monique Perks 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 (2P Reserves of 303 bcf) via an efficient hub
strategy. Alongside this it continues to pursue value accretive
acquisitions, to generate significant shareholder returns. All
IOG's licences are owned 100% and operated by IOG.
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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