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IOG reveals new gas estimate for Harvey project

IOG has now committed to drilling an appraisal well for Harvey within two years

oil and gas operations
The ‘most likely’ figure was estimated at 90bn cubic feet

Independent Oil and Gas Plc (LON:IOG) has detailed new estimates of the Harvey field, in the North Sea.

A competent persons report produced by ERC Equipoise arrived at a mid-case estimate if 114bn cubic feet, which is described as “in line with management estimates”. The minimum estimate was 45bn cubic feet and the maximum was set at 286bn cubic feet.

READ: IOG reveals big upgrade to gas reserves for North Sea gas hubs

The ‘most likely’ figure was estimated at 90bn cubic feet.

Validation from the report has led IOG to commit to drilling an appraisal well for Harvey within two years.

"It is very encouraging that the prospective resources in the Harvey structure have been independently confirmed to be in line with management estimates,” said chief executive Mark Routh.

READ: IOG signs-up Heerema Fabrication for new ‘normally unmanned’ North Sea platforms

“The down-dip well demonstrated the presence of gas in the system and the presence of good reservoir quality in the Harvey area. 

“This makes the maximum case of recoverable gas a compelling target and in that context, we are very excited to commit to the appraisal well. 

He added: “If we proved up the most likely gross resource number, Harvey would be the largest field in our gas portfolio and its economics would be significantly value accretive for IOG.  We look forward to providing details on the well plans in due course."

Quick facts: Independent Oil & Gas PLC

Price: 11.7 GBX

Market: AIM
Market Cap: £56.18 m

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on 17/2/20

2 min read