SHARES in IOG surged 37% to 16.1p yesterday after the North Sea independent reported realisation of a “key objective” in addressing “operational challenges”.
The company said production had been restarted as planned from its Blythe and Elgood fields into the Saturn Banks pipeline system (SBPS), after completion of shutdown works.
Chief executive Rupert Newall declared: “I am very pleased to confirm Saturn Banks phase-one production has been safely restarted after successful completion of shutdown activities. This was one of our top priorities as the new leadership team and the real commitment shown across the team to meet this key objective bodes well for our continuing work to address recent operational challenges.”
READ MORE: Ian McConnell: Cat has critics’ tongues as SNP backing of Prestwick Airport pays off
Flagging progress with the “A2” well on IOG’s Southwark field, he added: “In parallel, with hydraulic stimulation underway at the A2 well, we are equally focused on bringing Southwark onstream in a safe and timely manner, the next of a series of key objectives we have set to deliver the value in our portfolio.”
READ MORE: Ian McConnell: Latest twist in Tories’ bizarre Brexit soap opera shows unseemly rush
IOG said: “Final connection, dewatering and backgassing of the SBPS outer section to Southwark have all been successfully completed, bringing it up to pressure ahead of Southwark first gas.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel