Independent Oil & Gas PLC Start of Phase 1 Development Drilling Campaign (0556V)
April 12 2021 - 01:00AM
UK Regulatory
TIDMIOG
RNS Number : 0556V
Independent Oil & Gas PLC
12 April 2021
12 April 2021
Independent Oil and Gas plc
Start of Phase 1 Development Drilling Campaign
Independent Oil and Gas plc (IOG, or the Company), (AIM: IOG.L),
the UK gas company targeting high returns via an infrastructure-led
hub strategy, is pleased to announce the spudding of the Elgood
development well, 48/22c-H1.
Elgood is the first of five planned development wells in IOG's
Phase 1 project and is expected to take approximately three months
to drill and complete, after which the rig will move on to Blythe
in early Q3.
The Noble Hans Deul jack-up rig mobilised from the Cromarty
Firth on 1 April and reached the Elgood field location early on 4
April. After preparation and jacking-up the Elgood well spudded at
1730 hrs on 9 April.
Andrew Hockey, CEO of IOG, commented:
"We are very pleased to have kicked off the Phase 1 drilling
campaign, another key milestone for the Company as we continue to
progress towards commercialisation of our Core Project. This
drilling campaign has been planned meticulously by the IOG
drilling, subsurface, subsea and HSE teams since early last year,
in collaboration with our main drilling contractors Noble
Corporation, Petrofac and Schlumberger and our partner CalEnergy.
We have a very clear collective focus on ensuring safe and
efficient performance leading successfully to First Gas in Q3 2021
at the Blythe Hub before continuing into 2022 at Southwark."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Enquiries:
Independent Oil and Gas 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
Vigo Communications
Patrick d'Ancona
Chris McMahon
Simon Woods +44 (0) 20 7390 0230
About IOG:
IOG owns and operates a 50% stake in substantial low risk, high
value gas reserves in the UK Southern North Sea. IOG's 50% Joint
Venture partner is CalEnergy Resources (UK) Limited (CER). 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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