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Independent Oil and Gas works on ‘key’ pipeline matters

"We are now implementing an optimised programme to provide full and conclusive confirmation of the integrity of the Thames pipeline"

oil and gas operations
A final investment decision is due in 2019

Independent Oil and Gas Plc (LON:IOG) shares rose in Tuesday’s early deals after a statement informed investors that it is working to confirm the integrity of the Thames Pipeline.

The company highlighted that it is a “key step” in its Southern North Sea dual gas hub development project.

READ: Tuesday’s FTSE 100 market report

"We are now implementing an optimised programme to provide full and conclusive confirmation of the integrity of the Thames pipeline," said Andrew Hockey, IOG chief executive.

“Thanks to some excellent work by the IOG team and support of the regulatory authorities, this does not require an intelligent pig re-run in the short term. 

“This has helped to protect our timeline to FID which in turn ensures that we keep the overall project on schedule to hit First Gas in late 2019."

On AIM, Independent Oil & Gas shares were up just over 6% changing hands at 29.2p each.

Quick facts: Independent Oil & Gas PLC

Price: 13.8029 GBX

AIM:IOG
Market: AIM
Market Cap: £66.28 m
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Independent Oil & Gas: CEO Andrew Hockey at Proactive's Oil Capital Conference

Independent Oil & Gas (LON:IOG) CEO Andrew Hockey presents to investors at the Proactive Oil Capital Conference in London. IOG's focused on supplying gas safely to the UK energy market through its own infrastructure to become a 'material' UK gas producer. For more information visit...

on 17/2/20

2 min read