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IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Signs new sales agreement with BP Gas Marketing Ltd, which covers its equity gas from all of the Saturn Banks phase one fields, as well the Nailsworth and Elland fields in phase two.
Under the agreement, gas will be sold on a day-ahead daily nomination bases at a price linked to the National Balancing Point, and includes the potential for physical gas hedging up to 50% of forecast production over various periods.
In addition, IOG is continuing to target the resuming of Southwark drilling later in March, but could move to mid-April. On that basis, first gas remains targeted for the third quarter of 2022.
‘It is another very positive step for IOG to have this more comprehensive gas sales agreement in place with a highly credible counterparty in BP Gas Marketing with whom we have enjoyed a long relationship already,’ says Chief Executive Officer Andrew Hockey.
Current stock price: 43.50 pence, up 8.1%
12-month change: up sharply from 17.00p
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