Independent Oil & Gas PLC Phase 1 Well Management Contract Award (4484O)
01 June 2020 - 4:00PM
UK Regulatory
TIDMIOG
RNS Number : 4484O
Independent Oil & Gas PLC
01 June 2020
1 June 2020
Independent Oil and Gas plc
Award of Phase 1 Well Management Contract to Petrofac
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM:
IOG.L), the development and production company focused on becoming
a substantial UK gas producer , as operator of its joint venture
with CalEnergy Resources (UK) Ltd, is pleased to announce that it
has awarded the Core Project Phase 1 well management contract to
Petrofac. Confirmation of this award follows a competitive
tendering process and the approval last month of the Phase 1 Field
Development Plan (FDP) by the UK Oil and Gas Authority (OGA).
Phase 1 comprises the development and production of the
Southwark, Blythe and Elgood fields in the UK Southern North Sea
(SNS) through a total of five wells, with gas transported onshore
via the Thames Pipeline. The contract scope covers the planning,
execution and close-out phases of the Phase 1 drilling programme,
with Petrofac intended to act as Well Operator on behalf of IOG.
Petrofac has performed this role for nine other companies in the UK
North Sea and has drilled over 400 wells for more than 100
operators globally. The planning phase includes detailed well
design, risk assessment and management of well-related regulatory
requirements. During the execution phase Petrofac will manage well
engineering, procurement and logistics, assure well construction
and integrity, and provide onshore and offshore personnel to
support the drilling campaign.
Extensive work has already been undertaken so far this year
between the IOG and Petrofac teams under a letter of limited
commitment to ensure all preparations for the 2021-22 Phase 1
drilling campaign proceed to plan.
Andrew Hockey, CEO of IOG, commented:
"We are very pleased to have selected Petrofac as the well
management contractor for Phase 1 of our core UK SNS gas
development. Petrofac have demonstrated that they have the right
credentials and expertise to execute what will be a critical role
in helping IOG to deliver a safe, productive and cost-effective
five-well Phase 1 drilling campaign kicking off in the first half
of next year.
The IOG drilling and subsurface teams have already established a
strong working relationship with the Petrofac team in recent months
and this will deepen further as Phase 1 drilling preparations ramp
up."
Nick Shorten, Managing Director, Petrofac Engineering and
Production Services West, said:
"We are thrilled to be supporting IOG's prestigious SNS gas
development project. Through the deployment of our extensive asset
and well management expertise, we will work closely with IOG to
assure the integrity of the wells and deliver a safe and
cost-efficient drilling programme to support the advancement of
their development."
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
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 (Corporate Finance)
Simon Hicks (Corporate Finance) +44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton (Corporate Finance)
David McKeown (Corporate Finance) +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. 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) + 2C gas
Contingent Resources of 108 Bcfe(2), via an efficient hub strategy.
In addition to the independently verified 2P reserves at Blythe,
Elgood, Southwark, Nailsworth and Elland and 2C Contingent
Resources at Goddard, IOG also has independently verified best
estimate gross unrisked prospective gas resources of 73 Bcfe(2) at
Goddard. Alongside this IOG has management estimated mid-case
recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and
Redwell licences and continues to pursue value accretive
acquisitions to generate significant shareholder returns.
(1) ERC Equipoise Competent Persons Report: October 2017,
adjusted by Management to account for updated project timing and
compression
(2) ERC Equipoise Competent Persons Report: October 2018
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
CNTWPUUUAUPUGCU
(END) Dow Jones Newswires
June 01, 2020 02:00 ET (06:00 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