Independent Oil and Gas Announces Operational Update

Source: www.gulfoilandgas.com 2/28/2018, Location: Europe

Independent Oil and Gas plc (IOG), the development and production focused Oil and Gas Company, is pleased to provide an update on the acquisition of the Thames Pipeline and the Intelligent Pigging Programme (“IPP”).

Highlights

- Thames Pipeline IPP commenced on 20th February 2018 with onshore mechanical preparation work at the Bacton Terminal.
- The IPP will include pressure tests before and after pigging operations.
- Initial IPP and pressure test results are expected by late April or early May.
- Thames Pipeline acquisition SPA deadline is being extended to allow for completion during March 2018, with the main pigging work to follow.
- Field Development Plan (“FDP”) approvals remain on schedule for August 2018, in line with milestones agreed with the UK Oil and Gas Authority. First gas is planned in Q4 2019, subject to project financing.

Andrew Hockey, CEO of IOG commented:

We are pleased to have commenced the first stage of the Thames Pipeline Intelligent Pigging Programme, which is an essential step in confirming to all stakeholders that our proven and fully-owned reserves of over 300 BCF can be produced safely and efficiently via the Thames Pipeline.

We are also pleased to advance further towards completing this unique acquisition. The sale and recommissioning of a decommissioned pipeline is unprecedented in the UKCS. This has created regulatory complexities and we are grateful for the support from all of our partners, the sellers and the relevant authorities in helping us achieve a successful completion very soon. Owning high-capacity export infrastructure will be a major strategic advantage in further developing our UK Southern North Sea portfolio.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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