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IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Says fault at Blythe well is not yet solved, and will require ‘additional process and safety studies and procurement of materials’ before the solution can be implemented. The fault is a mechanical issue on the Blythe topsides and does not affect the Blythe reservoir, IOG notes.
IOG first reported a fault had stopped production at the well last Tuesday, and that a solution would be implemented last week, with production to resume immediately after. Production continues uninterrupted at Elgood, it says.
‘We are working urgently to resolve this very frustrating platform mechanical issue which has shut in the Blythe well. Importantly, this is not a reservoir related issue and Elgood production continues in the meantime within a very strong gas market. We will release further updates as we clarify the timing of Blythe resumption,’ says Chief Executive Officer Andrew Hockey.
Current stock price: 38.26 pence, down 5.5% on Monday
12-month change: more than double 18.50p a year ago
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