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IOG PLC - North Sea-focused gas and infrastructure operator - Last Friday, issued production update on Saturn Banks, in UK sector of North Sea. Over second half of 2022 to September 30, average gross gas rates stood at 28.6 million standard cubic feet per day with an average realised gas price of 274 pence per therm. However, in June it said it expected up to 54 million. The prices resulted in ‘higher revenues in both July and August than previous months,’ IOG says. Meanwhile, saline liquids production in September was on average 21.8 million, albeit with latest rates being 32 million.
In September volume weighted average realised gas price was 290p per therm. For October, company fixed the volume at 263p per therm.
Looking ahead, company says: ‘The intention over the coming weeks is to continue restoring higher stabilised flow rates, subject to liquids handling constraints. As gas rates are increased, the extent to which aqueous liquids production increase will be assessed.’
Current stock price: 20.84 pence
12-month change: down 27%
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