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IOG PLC - North Sea-focused gas and infrastructure operator - Reports production continues to restore as planned at Saturn Banks, now at a gross rate of 55 million cubic feet of gas per day, up from 30 million cubic feet of gas per day at the start of the month. This follows the resolution of the fault at the second recycle compressor in the Bacton terminal condensate stabilisation unit. IOG now expects 45-60 million cubic feet of gas per day on average in the second half of the year.
Also says the 24-inch extension of the pipeline system to Southwark has been successfully laid, while drilling at Southwark East well has reached an ‘advanced stage’, expected to be onstream in the fourth quarter.
‘This is part of an exciting growth period ahead, with the Goddard and Kelham appraisal wells following straight after Southwark, plus a Nailsworth final investment decision and seismic re-evaluation results for the Panther/Grafton area both targeted by year-end,’ says Chief Executive Officer Andrew Hockey.
Current stock price: 24.39 pence, up 3.8% on Monday
12-month change: up 15%
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