StockMarketWire.com - Development and production company Independent Oil and Gas swung to a profit following proceeds from the farm down of its core assets.

For the year ended 31 December 2019, the company reported a pre-tax profit of £15m compared with a loss of $5.6m on-year thanks to a profit of £24.3m from the farm-down of assets.

Whle the Covid-19 presented severe challenges across the energy industry, IOG said it remained in a 'relatively robust position - being funded to deliver first gas in third quarter of 2021 as operator of an exceptionally strong joint venture partnership.'

'Pipelay work is set to begin in mid 2020, with the laying of a 7-kilometre 24-inch pipeline connecting the Southwark field to the Thames Pipeline followed by laying of the longer 24-kilometre 12-inch line connecting Blythe to the Thames Pipeline and a 10-kilometre 6-inch line connecting Elgood to Blythe,' IOG said.

'Southwark and Blythe NUI construction is underway, with installation scheduled for the first half of 2021 … Preparation is also well underway for the five-well pashe 1 development drilling campaign which is due to commence in first quarter of 2021,' it added.


At 9:34am: [LON:IOG] Independent Oil Gas PLC share price was +0.5p at 11.5p



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