Announcement • Mar 15
IOG plc to Report Fiscal Year 2023 Results on Mar 16, 2024 IOG plc announced that they will report fiscal year 2023 results on Mar 16, 2024 Announcement • Sep 05
IOG plc to Report First Half, 2023 Results on Sep 26, 2023 IOG plc announced that they will report first half, 2023 results on Sep 26, 2023 Buying Opportunity • Jun 28
Now 22% undervalued Over the last 90 days, the stock is up 2.1%. The fair value is estimated to be UK£0.062, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 145% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jun 07
Now 30% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be UK£0.056, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 145% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 17
IOG plc Provides Update on Drilling and Production Operations at the Blythe Field IOG plc provided a further update on drilling and production operations at the Blythe field. The Blythe H2 well control event encountered from the Hauptdolomit has been successfully isolated without the requirement to sidetrack the well. The 7" liner was run and cemented to isolate the kick/loss zone. The 6" hole section commenced from the 7" liner shoe at 9,860ft measured depth ("MD") as per revised plan. The 6" hole section continued to the Rotliegendes reservoir section which was encountered on Sunday 14th May at a depth of 11,660 ft MD which was within expectations. Drilling continues to an expected total depth of c.13,000 ft MD. First gas from the Blythe H2 well is still expected to commence by the end of second quarter. Production from the Blythe H 2 well will be initially ramped up to safely and efficiently manage the production of the resident pipeline fluids into Bacton, then expected to build up to 30-40 mmscf/d rate post ramp up. The Blythe H1 well is initially planned to be shut in once the H2 well is fully onstream to reduce water production into the pipeline however the H1 well will remain available for production. Announcement • May 04
Iog plc Announces Management Changes IOG plc at its Annual General Meeting held on 2 May 2023 approved Fiona MacAulay has resigned as a director of the Company following the AGM and Esa Ikaheimonen has been appointed as Chair of the Company. Announcement • Feb 14
IOG plc Provides Updated Guidance on Drilling Plans for 2023 IOG plc provided updated guidance on drilling plans for 2023: Blythe: · The IOG-CalEnergy Resources (CER) 50:50 joint venture has sanctioned the Blythe H2 well and prioritised it ahead of Southwark A1 in the drilling programme. · H2 will target Blythe's central high and is a lower risk well, not requiring hydraulic stimulation as Blythe is a more permeable reservoir. · In a success case, H2 would deliver several key benefits: Higher gas production rates, expected to be initially in the 30-40 mmscf/d range from H2 after a period of displacing liquids in the Saturn Banks Pipeline, driving higher cash flow; Lower aqueous liquid arrivals into Bacton, reducing associated costs; Increase in ultimate recovery of Blythe gas reserves. In the base case, subject to the usual regulatory approvals, H2 is expected to spud in March and take approximately three months to drill, complete and hook up; · H2 has a budgeted net cost to IOG of £13 million, including associated platform modifications, before any potential tax shelter or investment allowances, giving a potential payback of under 3 months; · Meanwhile, Blythe continues to produce from the H1 well with over 90% uptime year to date; · Gross gas rates are in the 15-20 mmscf/d range, fluctuating due to onshore liquids letdown cycles, alongside associated condensate and water production; · 10,000 therms per day was fixed for February 2023 at 141 p/therm. Forward Plan: The Southwark A2 well has now been suspended and a full review of operations and results has Commenced; Southwark A1, which was suspended in October 2022 following fluid losses in the top hole section, is being re-entered to safely suspend the well ahead of the rig moving to Blythe; On receipt of the usual regulatory approvals, which are being expedited, the rig will move to the Blythe platform to drill H2; The new management team is rigorously evaluating the Company's subsequent investment options, including drilling plans, to optimise the allocation of capital expenditure. This includes: Re-assessment of Southwark A1 plans and costs in light of A2 results. Under current plans A1 would take an estimated five months to drill, complete and hook up, at a budgeted net cost to IOG of £16 million. Detailed examination of operating costs, both offshore and onshore, to drive efficiencies and savings; Analysis of further remediation options for A2; Optimisation of plans for the Kelham North/Central and Goddard appraisal wells, which would each cost an estimated £8 million net to IOG under the existing rig contract. Buying Opportunity • Jan 18
Now 51% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be UK£0.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 162% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 616% in 2 years. Earnings is forecast to grow by 1,697% in the next 2 years. Announcement • Jan 18
IOG plc Provides an Update on the Southwark Field Development IOG plc provided an update on the Southwark field development: The Southwark A2 well has progressed through the hydraulic stimulation phase and currently remains in the clean-up phase, which has taken longer than planned. Following stimulation of six reservoir zones, gas rates observed from A2 to date have been lower than expected, with a maximum stabilised rate of 4.2 mmscf/d via coiled tubing, at a flowing wellhead pressure of 456 psi. Associated water rates of up to 1,632 bbl/d strongly indicate a connection to the active aquifer from at least one of the stimulated zones. A production logging tool (PLT) is being run to acquire downhole data that will help to understand the contribution of each zone and inform next steps. Subject to the PLT data, the potential solution would be to isolate water producing zones to enable gas flow from other zones. Relevant equipment has already been mobilised to the rig and would be expected to be utilised over the next week. If isolation is successful, updated well test results would be expected within the coming weeks which wouldprovide a clearer assessment of the scope for the A2 well to produce gas at commercial rates. Price Target Changed • Nov 16
Price target decreased to UK£0.50 Down from UK£0.59, the current price target is an average from 2 analysts. New target price is 318% above last closing price of UK£0.12. Stock is down 60% over the past year. The company is forecast to post earnings per share of UK£0.13 next year compared to a net loss per share of UK£0.0083 last year. Price Target Changed • Aug 11
Price target increased to UK£0.61 Up from UK£0.55, the current price target is an average from 4 analysts. New target price is 69% above last closing price of UK£0.36. Stock is up 67% over the past year. The company is forecast to post earnings per share of UK£0.096 next year compared to a net loss per share of UK£0.0083 last year. Price Target Changed • Jun 01
Price target decreased to UK£0.58 Down from UK£0.65, the current price target is an average from 4 analysts. New target price is 142% above last closing price of UK£0.24. Stock is up 7.9% over the past year. The company is forecast to post earnings per share of UK£0.30 next year compared to a net loss per share of UK£0.0083 last year. Price Target Changed • Mar 08
Price target increased to UK£0.54 Up from UK£0.49, the current price target is an average from 4 analysts. New target price is 33% above last closing price of UK£0.41. Stock is up 147% over the past year. The company is forecast to post a net loss per share of UK£0.01 next year compared to a net loss per share of UK£0.04 last year. Price Target Changed • Dec 08
Price target increased to UK£0.49 Up from UK£0.46, the current price target is an average from 4 analysts. New target price is 77% above last closing price of UK£0.28. Stock is up 117% over the past year. The company is forecast to post a net loss per share of UK£0.0063 next year compared to a net loss per share of UK£0.04 last year. Price Target Changed • Sep 28
Price target increased to UK£0.46 Up from UK£0.39, the current price target is an average from 4 analysts. New target price is 44% above last closing price of UK£0.32. Stock is up 152% over the past year. Price Target Changed • Sep 21
Price target increased to UK£0.40 Up from UK£0.36, the current price target is an average from 4 analysts. New target price is 48% above last closing price of UK£0.27. Stock is up 102% over the past year. Major Estimate Revision • Jul 06
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from UK£15.9m to UK£18.3m. EPS estimate reaffirmed at -UK£0.0025 per share. Oil and Gas industry in the United Kingdom expected to see average net income growth of 97% next year. Consensus price target up from UK£0.34 to UK£0.36. Share price was steady at UK£0.22 over the past week. Price Target Changed • Jul 06
Price target increased to UK£0.36 Up from UK£0.34, the current price target is an average from 4 analysts. New target price is 69% above last closing price of UK£0.22. Stock is up 81% over the past year. Price Target Changed • Jun 08
Price target increased to UK£0.34 Up from UK£0.32, the current price target is an average from 4 analysts. New target price is 53% above last closing price of UK£0.22. Stock is up 80% over the past year. Major Estimate Revision • Apr 26
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 expected loss increased from -UK£0.002 to -UK£0.0025 per share. Revenue forecast of UK£15.6m unchanged since last update. Oil and Gas industry in the United Kingdom expected to see average net income growth of 546% next year. Consensus price target up from UK£0.32 to UK£0.33. Share price rose 2.5% to UK£0.22 over the past week. Price Target Changed • Mar 15
Price target increased to UK£0.33 Up from UK£0.29, the current price target is an average from 3 analysts. New target price is 85% above last closing price of UK£0.18. Stock is up 48% over the past year.