LONDON (ShareCast) - (Sharecast News) - UK gas and infrastructure operator IOG announced first gas from the Elgood field in the southern North Sea on Wednesday - part of the first phase of its Saturn Banks Project.
The AIM-traded firm brought Elgood into production on Tuesday, after first gas at Blythe was confirmed on Monday.

Elgood was developed as a subsea tie-back to the Blythe normally-unmanned platform, controlled from the Bacton terminal.

As it previously announced, an initial view on flow rates would be assessed once stable production was established from both fields.

The company said it intended to analyse reservoir performance data over the initial months of production, to inform an annual production guidance range.

"I am very pleased to confirm that Blythe and Elgood fields have now both been started up, adding further new gas flow straight into the UK market," said chief executive officer Andrew Hockey.

"We look forward to building up through this early phase of start-up to establish stable production rates so that we can assess production guidance in due course."

Hockey said developing further UK gas resources was "the right thing to do" both from an environmental and energy security perspective.

"We are encouraged by the recent government discussions with industry and ministerial comments on supporting further investment in domestic gas supply, which is exactly what IOG stands for."

At 1414 GMT, shares in IOG were down 4.43% at 41.09p.

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