TIDMIOG
RNS Number : 4770H
IOG PLC
04 August 2021
4 August 2021
IOG plc
Commitment to Net Zero from 2021
IOG 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 its completion of a
comprehensive Emissions Assessment (EA), undertaken by its internal
Environmental, Social and Governance (ESG) Taskforce in
collaboration with Genesis. On the basis of the EA the Company has
committed to Scope 1 & 2 Net Zero status as of 2021.
The summary report of the EA, which encompassed the Phase 1
development and corporate activities, can be found here:
https://bit.ly/3rPRhmt . Key highlights are as follows:
-- IOG is expected to have one of the lowest emissions profiles
in the industry throughout this decade
-- Over their economic life, the projected cumulative average
intensity of the Phase 1 Blythe and Southwark platforms is just 0.4
kgCO(2) e/boe
-- IOG's estimated Phase 1 lifetime Scope 1 and 2 average
emissions intensity is estimated at 3.97 kgCO(2) e/boe, compared to
the North Sea average of 20.2 kgCO(2) e/boe(1)
-- Phase 1 alone could generate a lifetime saving of close to 1
million tonnes of CO(2) e emissions versus a weighted average of UK
gas imports(2)
-- IOG has committed to Scope 1 and 2 Net Zero status as of
2021, via investment in appropriate accredited voluntary
offsets
-- In parallel, the Company has recognised the importance of its
ESG work, led since 2020 by James Chance, by appointing him to a
new role as Head of Capital Markets and ESG
-- IOG has set suitable internal targets for annual actual
emissions, to which employee remuneration is linked
-- The emissions model will also be used as a planning tool to
optimise the design of future developments to engineer out
emissions at source as far as reasonably possible
Andrew Hockey, CEO of IOG, commented:
"As our industry transforms in light of climate challenges,
IOG's ambition remains constant: to be a safe, efficient and
low-carbon developer and producer of high-value gas. We know how
important it is to all our stakeholders that IOG's contribution to
UK gas supply is consistent with a successful UK energy transition
and the Paris Accord objectives. That is why we have committed to
Scope 1 and 2 Net Zero, not as a future pledge but starting right
now in 2021.
In our 2020 Climate Change and Sustainability policy we
committed to a detailed Emissions Assessment as our primary ESG
objective for 2021 and I'm pleased that it confirms our very low
carbon intensity operating model. Maximising the value of domestic
energy resources with this Net Zero policy makes IOG a leading
exponent of the OGA's revised strategy, which should be an
important differentiator as we look to scale up the business."
Christophe Malaurie, Senior Vice President at Genesis, said:
"Genesis has been extremely pleased to work with IOG to help
bring practical implementation of their ESG commitments. Genesis'
mission is to be a trusted adviser to its clients to help
accelerate the journey towards a more sustainable future and it is
especially heartening to have our class leading environment,
technical and commercial skills utilised by IOG as an integral part
of their low carbon journey".
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.
1) Based on Phase 1 proportionate share of Field Development
Plan base case of gas-fuelled compression from 2026; UK North Sea
emissions intensity figure quoted in OGA Annual Report published 9
July 2021:
www.ogauthority.co.uk/media/7685/oga-annual-report-and-accounts-2020-21.pdf
2) Weighted average of pipeline and LNG imports based on same
OGA data, assuming constant intensity levels over time
Enquiries:
IOG plc
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Capital Markets and 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 / Chris McMahon / Oliver Clark +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. 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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