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IOG PLC - North Sea-focused gas and infrastructure operator - Notes that clean-up phase for Southwark A2 well takes longer than planned following a hydraulic stimulation phase. Gas rates from A2, to-date, has also been lower than expected, with a maximum stabilised rate of 4.2 million standard cubic feet per day via coiled tubing, at a flowing wellhead pressure of 456 pounds per square inch. Chief Operating Officer Dougie Scott says the low gas rate and apparent formation water production at this stage of the A2 well clean-up is ‘unexpected and disappointing’.
Current stock price: 7.84 pence, down 53% on Wednesday
12-month change: down 78%
By Tom Budszus, Alliance News reporter
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