IOG Spuds Harvey Appraisal Well in North Sea
Independent Oil and Gas plc (IOG) spudded the Harvey appraisal well in the North Sea, the company announced Wednesday.
The UK producer used the Maersk Resilient jack-up to drill the well, which is located in the UK Southern North Sea Blocks 48/23c, 48/24a and 48/24b, close to the Thames Pipeline export route.
“Spudding the Harvey appraisal well is an exciting development for IOG and potentially a major catalyst for the business,” IOG CEO Andrew Hockey said in a company statement. “Our objective is to prove up a substantial, high-quality reservoir in the heart of our core asset base which would create significant shareholder value over and above our recently announced farm-out. Success at Harvey could trigger a further significant near-term cash payment plus valuable life-of-field royalties should our designated partner exercise its right to farm in. We are pleased with our choice of rig and contractors and look forward to drilling the well safely and successfully.”
The well’s primary objective is to confirm gas volumes.
Completion of the well is expected to take two months.
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