North Sea gas developer IOG plc has appointed administrators while its nominated adviser and broker resigned leaving a threat to cancellation of its shares trading on AIM. NEGOTIATIONS The company operates the Saturn Banks project in the southern North Sea as well as incremental assets of P2442 and P2589 and prospects in undeveloped clusters. Since […]
Tag: Saturn Banks – Blythe – Elgood – Southwark fields
IOG files for administration
IOG plc has filed for administration following “extensive consideration” of its financial situation and the “underperformance” of its developed assets. ISSUES The company, which runs the Saturn Banks gas project in the southern North Sea, has also requested a suspension of trading in its ordinary shares on AIM from 2.10pm today. IOG had been in […]
IOG in talks for further waiver on €100m payment
IOG plc is in discussions with bondholders for a further waiver on the postponed interest payment due today under the €100 million senior secured bond. STABILITY The company, which owns the Saturn Banks infrastructure and gas licences in the southern North Sea, deferred the initial payment from 20 June to 31 July. IOG today said […]
IOG delivers first gas from Blythe H2
IOG plc today confirmed first gas delivery on 12 June from the Blythe H2 development well into the Saturn Banks reception facilities and Bacton terminal. RATES The H2 well was brought onstream in three months and one week from spud date despite delays. The maximum well test dry gas rate is 22.8 mmscf/d and 280-336 […]
IOG to investigate Blythe H2 constrained flow rates
IOG plc will investigate a potential mechanical blockage downhole constraining flow in the Blythe H2 development well in the southern North Sea. ISSUES Remedial downhole equipment will be mobilised in the coming weeks and run in the well with the rig alongside, with H2 well shut in during these operations. The news follows gas […]
IOG costs rise up to £3m
IOG plc is making “steady progress” to resolve the oil and gas influx which delayed drilling Blythe H2 development well at the Saturn Banks project in the southern North Sea. BLYTHE H2 The company added that the situation had been “uniquely challenging” but two issues of a stuck drill string and a plugged drillpipe were […]