08:00 Wed 14 Jun 2017
Igas Energy PLC - Annual General Meeting Trading Update
("IGas" or "the Company")
Annual General Meeting Trading Update
IGas today provides the following statement in relation to trading for the period 1 January to
Highlights
· Successful completion of balance sheet restructuring and fundraising in
o Experienced industry investor,
o Further
· Net debt reduced from
· Cash flow generative at current oil prices
· Net production averaged 2,320 boepd for the first five months of the year. Production was marginally below budget for the period due to necessary maintenance on a number of wells for which we are taking remedial action, including engagement of an additional workover rig to accelerate reinstatement of these wells. This will have an associated impact on full year operational expenditure per barrel. Net production for the year is anticipated to be c.2,400 boepd
· Shale appraisal and development plan covered by up to
o Agreed and signed Section 106 legal agreements for the exploratory well sites at both
· As previously announced, Chairman and Founder,
"We are delighted to have completed the fund raising and refinancing in the period whilst also moving forward our operational plans.
There continues to be volatility in the commodity and foreign currency markets and we are keeping our costs under constant review. Importantly, following the refinancing, we are cash generative at current oil prices and have a low level of debt in the business.
We continue to move our shale work programme forward, with three wells having received formal planning approval in
We look forward to an exciting second half of the year, with a strong balance sheet enabling us to capitalise on value accretive opportunities and rebuild shareholder value."
For further information please contact:
Tel: +44 (0)20 7993 9899
Tel: +44 (0)20 7597 4000
Canaccord Genuity (Joint Corporate Broker)
Tel: +44 (0)20 7523 8000
Tel: +44 (0)20 7830 9700
Patrick d'Ancona/
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