Shares in IOG PLC fell Monday in early trading after the company said the operator of the Saturn Banks slugcatcher has enforced a full production shut-in for its Blythe and Elgood fields in the North Sea.
The oil-and-gas producer said operator Perenco (UK) Ltd. identified a drainage system deficiency that must be addressed before any further liquids can be processed.
IOG said one compressor is expected to be modified within one week, enabling initial resumption of Saturn Banks production. Output is expected to be gradually restored to normal levels over the following weeks, after the second compressor is modified, it said.
IOG’s Saturn Banks gas production had averaged 41 million standard cubic feet a day in the 30 days prior to May 20, it said.
Shares at 0716 GMT were down 9.7% at 23.75 pence.