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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Centrica    CNA   GB00B033F229

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Centrica : Island Innovator to drill Fogelberg appraisal well

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09/01/2017 | 04:58pm CET

Dag Omre, Asset Director at Centrica Norway, said: 'Island Innovator is a modern rig built in 2012 and very suitable for drilling the appraisal well at Fogelberg. Now our focus is on thorough planning and execution to make sure we operate safely, safeguard the environment and deliver on cost and schedule.'

The main purpose of the appraisal well is to reduce volume uncertainty and get a better understanding of the reservoir quality at the Fogelberg gas discovery.

First discovery

Fogelberg is located in the Haltenbanken area in the Norwegian Sea. It was discovered in 2010 following Centrica's first operated exploration well on the Norwegian Continental Shelf.

The discovery is estimated to hold approximately 60 million barrels of oil equivalent and the current development concept is a subsea tie-in to the Statoil-operated Åsgard B platform. From there the processed gas will go to Kårstø via the Åsgard transport pipeline. There will be available capacity in this pipeline from 2021, and if the project is sanctioned the current plan is for production to start at Fogelberg the same year.

The rig agreement with Island Drilling also contains an option for two additional wells. The semi-submersible 'Island Innovator' is operated by Odfjell Drilling.

Centrica Norway is operator for the Fogelberg licence with an ownership interest of 50 percent. Partners are Faroe Petroleum and DEA Norge, both with a 25 percent interest.

Contact:

Tom Gederø, senior public relations manager, Centrica Norway
Email: tom.gedero@centrica.com

Mobile: +47 922 47 082

Centrica plc published this content on 01 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 September 2017 14:57:06 UTC.

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Financials ( GBP)
Sales 2017 28 186 M
EBIT 2017 1 444 M
Net income 2017 768 M
Debt 2017 3 041 M
Yield 2017 8,81%
P/E ratio 2017 9,84
P/E ratio 2018 8,66
EV / Sales 2017 0,38x
EV / Sales 2018 0,38x
Capitalization 7 722 M
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Mean consensus HOLD
Number of Analysts 19
Average target price 1,89  GBP
Spread / Average Target 37%
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Iain C. Conn Chief Executive Officer & Director
Richard Neil Haythornthwaite Chairman
Jeff Bell Group Chief Financial Officer & Director
Charles Cameron Director-Technology & Engineering
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