IOG hit out at the governmentโs energy profits levy in its annual results, in which it reported a loss following a raft of delays and production issues across its Saturn Banks project.
IOG has suspended operations at its A2 well on the Southwark field after remediation work failed to boost production rates, prompting another fall in its stock price.
Several independent North Sea producers saw their share prices drop after the chancellorโs windfall tax announcement - lending credence to claims they are harder hit than oil majors by the policy.
A North Sea firm has asked Jeremy Hunt to provide a โsmall fields allowanceโ in the windfall tax, reinstating legislation from George Osborneโs era in the Treasury.
IOG (AIM:IOG) has announced sweeping changes to its board and executive team including the departure of chief executive Andrew Hockey, following another cut to its production guidance and long-running drilling delays.
IOG (AIM:IOG) has again cut its production guidance and will now suspend one of its Southwark wells to deliver first gas on schedule, after fluid losses slow drilling efforts.
Gas firm Cornerstone Resources, backed by the former CEOs of IOG and Ithaca Energy, is targeting a โmassive opportunityโ in the southern North Sea as it solidifies its position in the region.
IOG says output from the two producing fields in its Saturn Banks project is now stabilising, following a series of outages since first gas in mid-March.