NORTH Sea-focused IOG has seen its shares rise four per cent after it restarted production from a field that has generated lots of interest.
IOG started production from the Blythe field on March 14 as the fallout from the Ukraine war underlined the risks associated with the UK’s reliance on imports.
However, the company shut the field in two weeks later so that it could deal with a production issue, which concerned a chemical injection fault.
The Aim market-listed company said yesterday that the well had been re-opened on Tuesday after it resolved the issue.
READ MORE: North Sea firm targets big gas prospects after making 'significant' oil find
IOG is currently producing gas from the Blythe and Elgood fields. The company expects to resume development drilling on the Southwark field in coming days after facing challenges with work offshore. Jonathan Wright at house broker finnCap noted that would keep IOG on track to start production from Southwark in the fourth quarter.
The fields form part of a plan to bring a series of undeveloped finds in the North Sea into production, for which IOG won backing from US billionaire Warren Buffett in 2019.
IOG has been able to capitalise on the strong rise in gas prices that accompanied the recovery from the pandemic. This gained renewed momentum after Russia attacked Ukraine.
Shares in the former Independent Oil and Gas closed up 1.5p at 40p.
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