Independent Oil & Gas PLC Results of a Competent Person's Report on Harvey (3339V)
02 November 2017 - 6:00PM
UK Regulatory
TIDMIOG
RNS Number : 3339V
Independent Oil & Gas PLC
02 November 2017
2 November 2017
Independent Oil and Gas plc
Significant Prospective Resources Confirmed and Well Committed
at Harvey
Independent Oil and Gas plc ("IOG" or the "Company"), the
development and production focused Oil and Gas Company, is pleased
to announce its commitment to drill an appraisal well on Harvey and
the results of a Competent Person's Report ("CPR") on the Harvey
licence by ERC Equipoise Limited ("ERCE").
Highlights:
-- CPR confirms gross mid-case unrisked prospective gas
resources for the Harvey structure of 114 BCF, in line with
management estimates
o Minimum 45 BCF, most likely 114 BCF, maximum 286 BCF gross
unrisked prospective gas resources on the Harvey structure
o Most likely 90 BCF on the Harvey structure licensed 100 per cent by IOG
o CPR assesses geological chance of success at 50%
o Plans underway to licence all Harvey resources
-- Firm commitment made to the Oil and Gas Authority ("OGA") to
drill an appraisal well on Harvey within 2 years
-- CPR Executive Summary and updated corporate presentation on IOG website
Harvey Overview:
Harvey lies directly between IOG's Blythe and Vulcan Satellites
hubs. Upon successful appraisal, Harvey gas could be exported via
the nearby Thames Pipeline, in line with IOG's hub strategy.
The CPR states that the Harvey structure lies up-dip of a well
drilled in 1984 on the west flank of the structure that may have
encountered a gas column of 30 ft in the Leman sandstone. An
appraisal well is required to clarify the up-dip potential of the
Harvey structure. Accordingly, IOG has committed to drilling an
appraisal well on the Harvey structure by 20(th) December 2019.
This is subject to acceptance and a licence extension by the
OGA.
Subject to successful appraisal, IOG would request the OGA to
determine the Harvey licence area to include the full structure.
IOG's intention would then be to fast-track Harvey into
development, exporting the gas via the recommissioned Thames
Pipeline.
A Harvey development would be likely to have significant
economic synergies with IOG's two nearby gas hubs.
A copy of the CPR executive summary and an updated corporate
presentation are available on the IOG website: -
http://www.independentoilandgas.com/
Mark Routh, CEO and Interim Chairman of IOG commented:
"It is very encouraging that the prospective resources in the
Harvey structure have been independently confirmed to be in line
with management estimates. The down-dip well demonstrated the
presence of gas in the system and the presence of good reservoir
quality in the Harvey area. This makes the maximum case of
recoverable gas a compelling target and in that context, we are
very excited to commit to the appraisal well. If we proved up the
most likely gross resource number, Harvey would be the largest
field in our gas portfolio and its economics would be significantly
value accretive for IOG. We look forward to providing details on
the well plans in due course."
-ENDS-
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries:
Independent Oil and Gas plc
Mark Routh (CEO) +44 (0) 20 3879
James Chance (CFO) 0510
finnCap Ltd
Christopher Raggett / Anthony
Adams +44 (0) 20 7220
(Corporate Finance) 0500
Camarco +44 (0) 20 3757
Georgia Edmonds / Tom Huddart 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 via an efficient hub strategy. Alongside this it
continues to pursue value accretive acquisitions, to generate
significant shareholder returns. All of IOG's licences are owned
100% and operated by IOG.
About ERC Equipoise Limited:
ERCE is an independent consultancy specialising in geoscience
evaluation and engineering and economics assessment. Except for the
provision of professional services on a time-based fee basis, ERCE
has no commercial arrangement with any other person or company
involved in the interests which are the subject of this report.
ERCE has the relevant and appropriate qualifications, experience
and technical knowledge to appraise the assets professionally and
independently. ERCE considers that the scope of the CPR is
appropriate and includes and discloses all information required to
be included therein and was prepared to a standard expected in
accordance with the AIM Rules.
Competent Person's Statement
In accordance with the AIM Note for Mining and Oil and Gas
Companies, IOG discloses that Mark Routh, IOG's CEO, is the
qualified person that has reviewed the technical information
contained in this document. Mark Routh has an MSc in Petroleum
Engineering and has been a member of the Society of Petroleum
Engineers since 1985. He has over 35 years' operating experience in
the upstream oil and gas industry. Mark Routh consents to the
inclusion of the information in the form and context in which it
appears.
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
STRUGGPUGUPMPWG
(END) Dow Jones Newswires
November 02, 2017 03:00 ET (07:00 GMT)
Iog (LSE:IOG)
Historical Stock Chart
From Apr 2024 to May 2024
Iog (LSE:IOG)
Historical Stock Chart
From May 2023 to May 2024