Inactive Instrument

IOG London S.E.

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IOG

GB00BF49WF64

IOG shares plummet following prolonged clean-up at A2 well

January 18, 2023 at 08:06 pm IST

IOG PLC - North Sea-focused gas and infrastructure operator - Notes that clean-up phase for Southwark A2 well takes longer than planned following a hydraulic stimulation phase. Gas rates from A2, to-date, has also been lower than expected, with a maximum stabilised rate of 4.2 million standard cubic feet per day via coiled tubing, at a flowing wellhead pressure of 456 pounds per square inch. Chief Operating Officer Dougie Scott says the low gas rate and apparent formation water production at this stage of the A2 well clean-up is "unexpected and disappointing".

Current stock price: 7.84 pence, down 53% on Wednesday

12-month change: down 78%

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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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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