Igas Energy PLC - Conventional Project Update
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
("IGas" or "the Company")
Conventional Project Update
IGas is pleased to announce it is moving to the execution phase for a further waterflood project, at its existing producing field at Welton in the
Following the success of previous Welton waterflood projects the technical team identified an additional opportunity in the south of the Welton Field in the Tupton & Deep Hard Rock Reservoirs. The project involves converting a suspended production well (WC01) to a water injector to increase reservoir sweep and increase field recovery by c.340 Mbbls (2C resource) with a peak incremental production rate of up to 120 bopd. The Company's estimated mid-case project economics have an IRR of over 100% and a NPV10 of c.
"We continue to mature projects across the portfolio as we seek to maximise returns on our existing operations and infrastructure, and in this case are pleased to be moving forward with another low-risk opportunity with an estimated mid-case IRR of over 100%.
This is part of the wider
For further information please contact:
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Tel: +44 (0)20 7597 5970
Canaccord Genuity (Joint Corporate Broker)
Tel: +44 (0)20 7523 8000
Tel: +44 (0)20 7390 0230
This information is provided by RNS, the news service of the
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