Independent Oil & Gas PLC Completion of Phase 1 Platforms (5140W)
April 26 2021 - 2:00AM
UK Regulatory
TIDMIOG
RNS Number : 5140W
Independent Oil & Gas PLC
26 April 2021
26 April 2021
Independent Oil and Gas plc
Mechanical Completion of Phase 1 Platforms
Independent Oil and Gas 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 announce that it
signed off the Blythe and Southwark platforms as mechanically
complete earlier this month. Further to achieving this milestone
and the arrival of the Noble Hans Deul rig at Elgood in early
April, the Company can also confirm that it has now, as planned,
fully drawn its bond escrow account into unrestricted cash.
The two normally unmanned installation (NUI) platforms were
constructed by contractor HSM Offshore (HSM) at their yard in
Schiedam, Netherlands. In addition to mechanical completion,
onshore commissioning and system testing activities are already
well underway and expected to be completed in May. The
transportation barges are now at the HSM quayside in preparation
for load-out. Once yard departure checks are completed, the
platforms will be ready for sail-away. Installation of both
platforms is scheduled to be completed before the end of Q2, in
preparation for first gas in late Q3.
To accompany this update, IOG has today released a Phase 1
platform construction video as part of its 2021 video series. Shot
mainly over recent weeks, it provides a brief introduction to the
topsides and on-board equipment, and can be viewed here:
https://bit.ly/2S5aWBd
Andrew Hockey, CEO of IOG, commented:
"Completing the Blythe and Southwark platforms is another key
step forward for IOG in executing Phase 1 and laying the
foundations for further growth. HSM have done an excellent job in
maintaining the construction schedule despite the pandemic
challenges. The focus now turns to completing onshore commissioning
work, load-out, transport and installation, all of which fall under
the same HSM contract.
As small, remotely-operated installations, the Blythe and
Southwark platforms will help us to minimise ongoing costs and
carbon intensity - key elements of our operating philosophy as we
look to scale up an environmentally low-impact UK gas development
and production business.
Our latest video provides investors direct insight into both
platforms with an on-board view of their key components before they
are transported to their field locations later this quarter."
Jaco Lemmerzaal, Managing Director of HSM, commented:
"Working closely with IOG with a joint focus on efficient
delivery, we are very proud of the construction of the Blythe and
Southwark platforms being achieved on schedule.
With the onshore phase in the yard nearing completion, our next
priority is the safe installation of both platforms offshore. We
wish IOG success on achieving first gas later this year."
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:
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 Consulting
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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