Iog Share Discussion Threads

[bountyhunter] 02/9/2022 12:22

When do you think the August data will be published?

If it's just Blythe that will remove some uncertainty and presumably some intervention would stand a good chance of resolving/mitigating the issue should the "saline fluids" increase.

I've added the NSTA data link to the end of the header for future reference.

[xxnjr] 02/9/2022 10:45

No worries bh. Zero water cut in early months not necessarily strange. It's not unusual I'd say (but I'm not an expert like siggy). Generally speaking once water breakthrough occurs; water cut tends to increase over time. Rate of change over time will vary from field to field.

[officerdigby] 02/9/2022 10:34

Defo, would follow up with CEO if had line of contact.It looks like sloppy RNS'ing. It already looked like that but even more so now!

[bountyhunter] 02/9/2022 10:28

Thanks xx. Zero water in previous months seems a bit odd unless they have only just started recording it?

Interesting that according to that data the water is just coming from Blythe but like you say if the case it's odd they didn't say that in the RNS.

[xxnjr] 01/9/2022 22:13

Thanks siggy. Hadn't realized NSTA updated their data in such a timely manner. Impressed with that. Have refreshed the previous numbers posted. Zero water in previous months bh. Elgood still zero water in July. This latest data implies IOG can measure water production by individual field. Dunno quite why IOG kind of muddied the waters so to speak in their results rns ?!!!

NSTA Production Data for months 3/4/5/6/7

Blythe
mmscfd: 4,13,10,24,18
cond, tonnes: 0, 617, 375, 1319, 685
water (bopd): 0,0,0,0,145

Elgood
mmscfd: 16,25,11,21,18
cond, tonnes: 0, 2358, 890, 2552, 1370
water (bopd): 0,0,0,0,0


Gross Total
mmscfd: 20,38,21,45,36
cond, tonnes: 0, 2975, 1265, 3871, 2055
water (bopd): 0,0,0,0,145

[bountyhunter] 01/9/2022 21:38

91.25% so even better :)
I think ashkv's comments are perhaps down to his earlier sale and so hoping to get back in cheaper! Not that such comments here will have any influence on the market.

[bountyhunter] 01/9/2022 20:59

Good find siggy, any idea what the figures were for previous month's for comparison, although varying downtime makes comparisons difficult? At least we have some kind of baseline to compare future months against pending further news from the company.

[sigma3333] 01/9/2022 20:46

145 b/d of water from Blythe reported to NSTA for July


hxxps://opendata-nstauthority.hub.arcgis.com/datasets/NSTAUTHORITY::-nsta-field-production-points-pprs-wgs84/explore?filters=eyJPUkdHUlBOTSI6WyJJT0cgUExDIl19&location=55.761981%2C-0.511550%2C5.99&showTable=true


siggy

[thegreatgeraldo] 01/9/2022 15:37

xxnjr31 Aug '22 - 08:22 - 2224 of 2234
0 10
R Unless the critical factor is not the higher volume of water than expected but high salinity levels exceeding maximum permitted levels.

bountyhunter31 Aug '22 - 09:03 - 2225 of 2234
0 00

Yes it could be the high salinity that is the problem,



......That's what the company said in the RNS...

..."The timing of aqueous liquids production was in line with expectations, however the volume of water and salinity levels have been considerably higher than expected. At the current time the salinity of the returned fluids is higher than the maximum allowable for processing at Bacton. In order to prevent these high salinity fluids contaminating the other MEG users at Bacton, an alternating regime of batch slugcatcher liquid let down has been implemented."

[anley] 01/9/2022 15:22

No News is Good News so long as there is silence from the IOG management............

[ashkv] 01/9/2022 14:00

Why not just buy SQZ - if you are keen on high gas prices... why stay with risky IOG?

[ashkv] 01/9/2022 14:00

Well what if their is a real reservoir issue and it impacts nearby Southwark too... another Hurricane Energy....

[bountyhunter] 01/9/2022 11:09

If they sort out/mitigate the water issue this should recover strongly, and also when Southwark comes online still scheduled for Q4. And finally there is the takeover possibility especially at these low levels and given the development 91.25% tax offsets.

NBP gas prices remain very high for current production...

August 31, 2022
GAS
Day Ahead - 420.00p/th
Year Ahead - 630.30p/th
Front Quarter - 649.00p/th
Front Month - 495.00p/th

[ashkv] 01/9/2022 09:11

No brainer to buy SQZ etc rather than IOG...

IOG could taken out and I could have egg on my face... but IOG as is - is a super duper high risk play...

[ashkv] 01/9/2022 09:10

I sold at 29p yesterday - been in and out of IOG... should have sold the day of the production issues.. had it in mind as share price was at 35p for 10-12minutes prior to drop off..

The only risk I see to losing out is a cheap take-over otherwise I have generally been wiser in hindsight by selling out of companies with reservoir / production issues.. doesn't bode well even with high gas prices...

[lord gnome] 31/8/2022 15:50

Looks like we've bottomed out. I won't get excited just yet, but hopefully we won't be seeing more red.

[masurenguy] 31/8/2022 15:28

Added @28p this afternoon.

[dunderheed] 31/8/2022 09:11

Well it can't be said they didn't provide a lot of data in RNS but unfortunately not that much real information - I don't know if this is consciously (i.e. we provided loads of figures for stake holders what more can we do?) or because they are academic with no common sense - the juries out on that one?

[bountyhunter] 31/8/2022 09:03

The Bacton operator is Perenco, it's in this RNS...



"Further to the 1 June 2022 operational update, in which production was confirmed to be restored to an initial gross 30 mmscf/d, temporary modification of the second recycle compressor in the Bacton terminal condensate stabilisation unit (CSU) was completed by its operator Perenco (UK) Limited. In line with the announced plan, this has alleviated liquids constraints and enabled production to be steadily increased, reaching 54 mmscf/d gross by 17 June."

Yes it could be the high salinity that is the problem, further information would be useful in understanding the problem.

[xxnjr] 31/8/2022 08:22

Reckon IOG are using Bacton Perenco. According to Wiki on Bacton Perenco; "The processing plant comprises two parallel trains (A1 plant and A2 plant) each with an initial processing capacity of 1,000 million cu ft", or 2 BCF a day. IOG are producing
30 mmscfd, which is 30/2000, or 1.5% of Bacton Perenco capacity!!!! Doesn't really add up. Unless the critical factor is not the higher volume of water than expected but high salinity levels exceeding maximum permitted levels.

[sigma3333] 31/8/2022 07:37

If the downhole and tree gauges are working, the engineer should know exactly where the water is coming from - from the fluid head within the well and temperature data.

Suspect the well closures are for confirmation

There are databases out there of water properties vs formations they can cross reference the 12 ion data with.

siggy

[bountyhunter] 30/8/2022 17:57

The problem at Bacton is that the water level when both wells are online together exceeds the current water processing capacity. So clearly Bacton can process a water percentage up to but not beyond a certain level at present.

[billybunter1970] 30/8/2022 15:56

In pneumatic systems a device called a dryer is used to drain of any condensed moisture (water) that is inevitably present in this type of system. Are such devices not used in a gas pipeline system (obviously on a bigger scale)? Do they have these at Bacton?

[bountyhunter] 30/8/2022 15:49

Interesting, could be Blythe then.

Meanwhile year ahead gas is over 8 quid!

August 30, 2022
GAS
Day Ahead - 477.50p/th
Year Ahead - 814.78p/th
Front Quarter - 634.75p/th
Front Month - 490.00p/th