Independent O&G: Vulcan Satellites FDP Submission

 

 

 

Independent O&G: Vulcan Satellites FDP Submission

Independent Oil and Gas plc (“IOG” or the “Company”), the development and production focused Oil and Gas Company, is pleased to announce that it has submitted the Field Development Plan (“FDP”) for the Vulcan Satellites hub development to the UK Oil and Gas Authority (“OGA”).

Highlights:

·     Three-field hub development with first gas targeted by the end of Q2 2019 alongside first gas from IOG’s Blythe hub

·      2P reserves of 248 BCF (44 MMBOE) to be developed at the Vulcan Satellites, alongside the Blythe Hub (Blythe and Elgood 2P reserves of 55 BCF), and subject to a successful appraisal well, the Harvey field

·      Peak 2P production from the Vulcan Satellites hub targeted in excess of 150 MMcfd from a total of eight development wells

·      Life-of-hub gross revenues expected to exceed £1bn based on forward gas prices

·      Final Investment Decision targeted at the end of Q1 2018

The Vulcan Satellites FDP covers the three 100%-owned and operated Southern North Sea gas fields recently officially renamed as Southwark, Nailsworth and Elland.  The three Vulcan Satellites fields are to be jointly developed with IOG’s Blythe hub, for which the FDP was submitted in July 2017.  Gas from both hubs is planned to be exported via the recommissioned Thames Pipeline which IOG will also own 100%.

IOG has so far announced several contractors for the delivery of the Vulcan Satellites FDP, including Schlumberger, Heerema and ODE, subject to contract.  The contractor deferral model continues to be employed by IOG to align all parties to the successful development of the project and to reduce upfront funding requirements.  Discussions with rig owners, subsea & pipeline contractors and gas off-takers for the Vulcan Satellites are at an advanced stage.

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