Final Results for the Year Ended 31 December 2021
Final Audited Results for the Year Ended
2021 Highlights
Corporate and Operational
Phase 1 Blythe and Southwark normally unmanned platform installations were mechanically completed in
Elgood well 48/22c-7 was successfully completed in
o Reservoir encountered 39ft deep to prognosis and having integrated well data into subsequent technical analysis, management has updated its gross estimated 1P/2P/3P reserves to 9.7/14.1/18.3 billion cubic feet (BCF)
Blythe development well 48/23a-H1 successfully drilled, cleaned up and flow tested to a maximum gas rate of 45.5 mmscf/d through an 80/64th inch choke within two months of spud
o Having integrated well data into subsequent technical analysis, management has updated its gross estimated 1P/2P/3P reserves to 25.4/42.5/55.8 BCF
Offshore subsea and hook-up scopes for Blythe and Elgood fields completed in
First Southwark development well initially spudded in
Phase 1 Duty Holder contract for Installation and Pipeline Operator, as well as facilities operations and maintenance (“O&M”), awarded to ODE Asset Management (“ODEAM”)
Inaugural Emissions Assessment released, projecting Phase 1 lifetime average Scope 1 and 2 emission intensity at under 4 kg kgCO2e/boe, versus
Commitment to Scope 1 and 2 Net Zero emissions from 2021 via investment in accredited voluntary offsets
Potential for valuable multi-field “Southern hub” demonstrated with identification of Kelham North, Kelham Central, Thornbridge and Thornbridge Deep prospects on the P2442 license
·Collaboration agreement signed with
Financial
– Cash balance at period end of
– Post tax loss for the year of
– Group net debt1 at year end
– Remaining
–
– Remaining E65.8 million (
– E9.7 million (
– Gross proceeds of
1Net debt is defined as total loans, less restricted cash and cash and cash equivalents, adding back the financial asset being the Company’s holding of its own bonds.
Board and Management
David Gibson appointed as Chief Operator Officer (COO) in
Operational and technical teams further strengthened to support Phase 1 and facilitate further phases of growth
Post Year End Developments
Commissioning of onshore Saturn Banks Reception Facilities completed on
·Phase 1
Southwark drilling operations suspended in
New gas sales agreement (GSA) signed with
Planning and contracting continuing for the appraisal wells at Kelham North/Central (P2442: Block 53/1b) and Goddard (P2342: Block 48/11c and 12b), to be drilled by the Noble Hans Deul rig after the second Southwark well on the same competitive day rate as the Phase 1 wells
oh
3D seismic reprocessing to Pre-Stack Depth Migration underway on license P2589 (Panther / Grafton area adjacent to Elland), expected to provide enhanced view of subsurface and commercial potential later in 2022
Further to an ongoing comprehensive process of subsurface re-evaluation of the Company’s asset portfolio, revisions to management’s gross volumetric estimates have been made as follows:
o 1P/2P/3P reserves for the Blythe field revised to 25.4/42.5/55.8 BCF
o 1P/2P/3P reserves for the Elgood field revised to 9.7/14.1/18.3 BCF
o 1P/2P/3P reserves for the Southwark field revised to 46.3/71.2/104.7 BCF
o 1C/2C/3C contingent resources for the main Goddard discovery revised to 52.0/115.0/169.0 BCF
o Low/Mid/High prospective resources revised to 16/27/42 BCF and 30/50/73 BCF for the two Goddard flank structures, both with 71% Geological Chance of Success (GCoS)
o Low/Mid/High prospective resources for the Kelham North and Kelham Central prospects of 30.0/48.0/67.0 BCF and 12.0/21.0/32.0 BCF respectively, both with 72% GCoS
o Low/Mid/High prospective resources for the Thornbridge prospect estimated at 19.0/35.0/57.0 BCF, with 64% GCoS
o Low/Mid/High prospective resources for the Thornbridge Deep prospect revised to 55.0/107.0/167.0 BCF, with 18% GCoS
o 1C/2C/3C contingent resources for the part of the Orrell discovery lying within the P2442 license area estimated at 13.0/18.0/21.0 BCF
o No changes at the current time to the management estimates of reserves at Nailsworth and Elland, to the contingent resources at Abbeydale, Panther and Grafton, or to the prospective resources at Southsea
“Last year saw an immense effort by the whole IOG team to progress towards production, culminating in the safe and successful delivery of
We can now start to reap the benefits of our strategic focus on
I believe we have the right people, assets and partnerships to build on what we have achieved so far and deliver exciting further phases of growth over the years ahead: what I call our “project factory”. I would like to thank the whole team, our partner CER and all our contractors for their dedication in making Phase 1 production a reality. I also owe all our shareholders my sincere thanks for their continued support in helping us turn IOG, your company, into a respected
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
Inquiries:
+44 (0) 20 7036 1400 | |
finnCap Ltd |
+44 (0) 20 7220 0500 |
+44 (0) 20 7418 8900 | |
Patrick d’Ancona / |
+44 (0) 20 7390 0230 |
Please find the associated PDF document to view the full announcement.
This information is provided by RNS, the news service of the
https://news.cision.com/iog-plc/r/final-results-for-the-year-ended-31-december-2021,c3526580
https://mb.cision.com/Main/19051/3526580/1549598.pdf
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