IGas Energy PLC (AIM:IGAS, OTC:IGESF) has reported that it remains on track to deliver its full-year production forecast of 1,900-1,950 barrels of oil equivalent per day.
In early October, the company initiated a production drive to increase the number of fully operational rigs from three to five and return 18 offline wells to production.
It also converted two wells from jet pumps to beam pumps, lowering operating costs, and increasing water injection capacity across its asset base.
Planning application
The company noted that its planning application for the Glentworth project has now been submitted to Lincolnshire County Council.
Phase I has the potential to add around 200 barrels per day and development of around 1.0 million stock tank barrels of proved and probable reserves.
"After a thorough review of the business, there has been a restructuring and rightsizing of the executive committee that will enable improved strategic planning and more efficient decision making, as the business looks to create a strong and relevant future for its investor base," said Chris Hopkinson, interim executive chairman of IGas in a statement.
Geothermal making progress
Turning to its geothermal operation, the company said its joint application with SSE PLC (LSE:SSE) to the Green Heat Network Fund is now under consideration, with a decision expected in early next year.
IGas said it has also submitted five tenders through the Carbon Energy Fund to conduct detailed feasibility studies into supplying renewable heat to five National Health Service trusts.
If successful, these could result in five long-term renewable heat supply contracts, the company added.