Iog Share Discussion Threads

[bountyhunter] 29/9/2021 18:58

Still a bargain if first gas comes in on time; they are ahead of schedule by a month on Blythe.
Could easily get taken out for 50p/sh imho.

[marvelman] 29/9/2021 14:40

Looks like profit taking on the placing shares kicking in now. No hurry

[bountyhunter] 29/9/2021 08:17

Don't forget that CalEnergy didn't have a 50% interest back then although I appreciate the debt issue was resolved by their involvement.

[marvelman] 29/9/2021 07:58

Well I was originally holding these in the hope (only) of a takeover. I never thought we would get as far as first gas before that. Now the sky is the limit especially given a net zero producer in todays energy environment. Sit back and wait (just a little bit longer). That 20p bid some time back looks very opportunistic now. Although at the time I was hoping it would succeed...you d really have to have patience to make real money.

[bountyhunter] 29/9/2021 07:52

Yes, one month ahead of schedule for first gas Q4 21?

>> Corporate action must be pending now.

That's what I've been thinking for some time. Aside from the low carbon gas assets IOG management have also loaded up with options which would crystallize early if the company was taken over.

[marvelman] 29/9/2021 07:41

That's a huge step forward. The development program really has gone without any serious issues and now still re-iterating first gas in Q4. We are in a very sweet spot with this investment. Corporate action must be pending now.

[bountyhunter] 29/9/2021 07:27

Blythe flow testing successfully completed.

"Blythe well successfully drilled, cleaned up and flow tested to a maximum gas rate of 45.5 mmscf/d through an 80/64(th) inch choke within two months of spud"

"...the Company expects that initial production rates from the Blythe Hub upon start-up will be within its planning case range. Specific production guidance is expected to be available once onstream. In light of exceptionally high forward gas prices, management expect that the Company's cash flows over 2021-22 could substantially exceed its planning base case."

Andrew Hockey, CEO of IOG, commented:
"Delivering the Blythe well within two months and achieving a maximum well test rate of 45.5 mmscf/d gas is another important step forward for IOG. Phase 1 First Gas is now coming firmly into sight which is a testament to the dedication of the whole IOG team and the excellent collaboration with our contractors.

We are now integrating the well data into our planning for the start-up of both Blythe and Elgood in Q4. The improvement in drilling performance at Blythe is also very encouraging as we progress on to Southwark and then on to drill the Goddard and Southern Hub appraisal wells in mid-2022.

Gas market conditions not just for this coming winter but throughout the forward curve indicate the potential for very strong cash flow generation for IOG over the coming years. We plan to start executing a sensible hedging strategy once onstream, while we also maintain our prudent planning price deck as we work up the next phases of growth.

As a committed Net Zero company we firmly believe that domestic gas produced at very low carbon intensity is an indispensable part of the UK's energy transition and IOG's gas will make a positive contribution in that regard."

[bountyhunter] 28/9/2021 21:00

Header updated re Blythe.

[bountyhunter] 28/9/2021 21:00

And they have plenty of options as well mm making a buyout to crystallize those early possibly more likely at some point after 1st gas?

[bountyhunter] 28/9/2021 20:51

Premier Milton Group have just announced a near doubling in their holding to 10.53334%

[marvelman] 28/9/2021 20:48

I don't know what those guys live on Bounty but someone is keeping them in a life to which they have remained accustomed as they don't take a salary other than in shares

[marvelman] 28/9/2021 20:46

But wtfdik?...quite a lot from my experience HD...good to see your input here.

[bountyhunter] 28/9/2021 20:44

Exactly! ( re first paragraph ;)

Added the director placing purchases to the table in the header.

[hiddendepths] 28/9/2021 20:33

Really glad I bought more on the excellent placing! I'm surprised this stock has attracted so little interest so far. It's got all the right credentials and is seriously undervalued in the current environment. But wtfdik?

[bountyhunter] 28/9/2021 20:33

From Nov 21 until Mar 22 inclusive the gas price is now over £2/th!

[bountyhunter] 28/9/2021 18:08

Following that:

"-- The mechanical connector is in place on the main 24-inch Saturn Banks pipeline in preparation for installation of the 24-inch valve skid in October , which will then enable de-watering and back gassing of the pipelines network from Bacton through to Blythe and Elgood.

-- Destruct and tie-in works at the Saturn Banks onshore reception facilities at the Bacton Gas Terminal ("BGT") are now complete. There is a sizeable construction team on site in the process of installing the remaining infrastructure, including: new pipework, vents, metering systems, electrical and control cabling, instrumentation and the integrated control and safety system ahead of First Gas

Further to this operational update, the Company reiterates its guidance that it remains on course to achieve Phase 1 first gas in Q4 2021 and has sufficient capital to do so."

[bountyhunter] 28/9/2021 17:04

Nice finish, news may be not far off with Blythe flow testing now expected to be completed by the end of this month, which is not far off!

"Lower and upper completions have been run and preparations are underway for clean-up flow testing, which is anticipated to conclude by the end of this month."

[bountyhunter] 28/9/2021 16:50

due to the admission of the placing shares today affecting their percentage as mm pointed out, recently Lombard have been buying

[t0pgrader] 28/9/2021 16:48

The Lombard holding has reduced from 19.4% to 18.15%

[bountyhunter] 28/9/2021 16:12

Yes that explains it, and Lombard TR1 as they have been buying recently.

[marvelman] 28/9/2021 14:50

Actually, just realised, the % holding has been adjusted by the admission of the placing shares today

[marvelman] 28/9/2021 13:24

Looks like LOG are taking the opportunity to sell down a few. Cannot understand why someone does not take their stake off their hands.

[bountyhunter] 27/9/2021 16:12

Lombard Odier Asset Management notified this afternoon that they have increased their holding in IOG to 19.4% ! Quite a stake.

[edgar222] 27/9/2021 12:40

Blythe spudded 2.8.21. Its now a 2m well not a 3month well (see the recent placing RNS).

[bountyhunter] 27/9/2021 12:32

...and again, blue sky ahead so long as no delays. If first gas is achieved Q4 then I think this could be a lot higher at that time? Blythe could be completed some time in October if the drilling is progressing well.