StockMarketWire.com - UK gas and infrastructure operator IOG returned to profit in the first half of the year as lower costs and a weaker pound bolstered performance.

For the six months ended 30 June 2021, pre-tax profit was £209,000 compared with a loss of £3.6 million last year.

Administrative expenses fell to £86K from £1.5 million, and the company reported a foreign exchange profit of £1.9 million, compared with a loss of £0.8 million last year.

Looking ahead, the company said phase 1 first gas was expected in Q4 2021 on completion of the Blythe well and onshore recommissioning activities.

The pipelay campaign to install 6km extension of the 24" Saturn Banks pipeline to the Southwark field was expected in Q1 2022, ahead of Southwark first gas expected in Q2 2022, it added.


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