IOG Shares Rise on North Sea Well Works Completion

By Anthony O. Goriainoff

Shares in IOG rose Monday after the company said it has successfully completed remediation work at the Blythe H2 well in the U.K. North Sea.
Shares at 0728 GMT were up 0.75 pence, or 18%, at 4.95 pence.

The U.K. gas and infrastructure operator also said it has decided to pause drilling activity in order to maximize near-term cash flow as it was “mindful of current gas market and balance sheet risks.”
The company said Blythe H2 now flowed at a maximum stabilized rate of around 42 million standard cubic feet a day, slightly above original guidance of 30 to 40 million standard cubic feet a day.
“Production will now be managed up from 20 million standard cubic feet per day toward the maximum rate to further dewater the pipeline,” the company said.
Write to Anthony O. Goriainoff at [email protected]