3rd Mar 2023 14:17
(Alliance News) - IOG PLC on Friday announced updated reserves at its fields Blythe, Elgood and Southwark.
The North Sea-focused gas and infrastructure operator noted a gas reserve of gross 46.8 billion cubic feet equivalent at 3P at Blythe in 2022, down from 56.9 billion a year ago. At Elgood, it noted a decrease to 2.8 billion cfe from 7.9 billion at 3P, while at Southwark, the 3P reserve stood at 15.0 billion cfe, down from 104.8 billion a year ago. 3P stands for proven, probable and possible reserves.
Chief Executive Officer Rupert Newall said the update "provides the technical baseline for our operational and investment plans, based on a realistic and balanced subsurface view of each asset."
IOG shares were flat at 5.20 pence each in London on Friday afternoon.
By Tom Budszus, Alliance News reporter
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