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IOG PLC on Friday said it remains in constructive dialogue with a group of investors regarding its €100 million senior secured bond. This comes after the UK-focused offshore gas developer disclosed last week that its balance sheet was under pressure from the recent pull-back in natural gas prices, noting it would attempt to ‘to secure pre-emptive waivers of potential covenant breaches’ and agree measures to allow it to weather the period of weaker gas prices. In addition, IOG on Thursday said its Blythe H2 well in the North Sea has been producing steadily at around 20 million standard cubic feet per day of gas since Monday, after having reported a constrained maximum gas rate, and is seeing much smaller quantities of water arriving at Bacton. Chief Executive Officer Rupert Newall said: ‘We are in advanced preparations for the upcoming wireline intervention which will allow us to investigate and potentially remediate the apparent downhole restriction. While the gas market remains extremely volatile, we are also encouraged by its substantial recovery in the past two weeks.’ Shares in IOG were down 1.7% at 4.29 pence each in London on Friday midday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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