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Independent Oil and Gas swings to loss on Harvey, Redwell asset writedowns
StockMarketWire.com
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UK gas company Independent Oil and Gas swung to a deep annual loss, driven by a £12.6 million writedown of the Harvey and Redwell assets.
For the Year Ended 31 December 2020, pre-tax losses were £19.3 million compared with a profit of £15.0 million year-on-year.
The Harvey and Redwell asset writedowns followed a technical evaluation in 2020 of the data from the appraisal well and the decision in Q4 2020 to partially redetermine the P2085 licence.
The company reaffirmed its guidance on expected first gas by late Q3 2021, likely in September, to come initially from the Blythe hub fields.
'Our cost and schedule review has indicated a final Phase 1 capex out-turn within 10% of the original £306 million (gross) budget. Most importantly, that means we expect to deliver phase 1 within our existing resources, without requiring supplementary funding,' it added.
At 10:04am: (LON:IOG) Independent Oil Gas PLC share price was 0p at 14p
Story provided by StockMarketWire.com
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