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IOG PLC on Thursday said profit rose in the first half of 2022, but has cut its gas production guidance for the second half of the year.
IOG shares fell 19% to 31.98 pence each in London on Thursday morning.
Pretax profit in the six months to June 30 surged to £11.4 million from £209,000 a year ago.
The North Sea-focused gas and infrastructure operator posted a revenue of £30.2 million versus none a year ago.
However, it reduced its gross production guidance for the second half of 2022 to a range of 30 to 50 million standard cubic feet per day from guidance of 45 to 60 million standard cubic feet given in June to ‘account for a range of planned and unplanned downtime scenarios as well as potential variation in Southwark first gas timing,’ referring to it Southwark gas field in the North Sea.
The London-based company still targets to deliver Southwark first gas in the fourth quarter of 2022.
‘The current energy crisis amply demonstrates the importance of low carbon intensity domestic gas production in delivering secure, affordable and sustainable energy supply,’ said Chief Executive Officer Andrew Hockey.
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