IGas Energy Plc (LON:IGAS) has confirmed it is seeking a capital structure fitting for the current operating environment.
In a short stock market statement, IGas revealed it is in talks with key stakeholders including bondholder Trans European Oil & Gas, an associate of KKR, and it has proposed that IGas sells its conventional oil assets.
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It is continuing discussions with key stakeholders as well as possible strategic investors, and it continues to assess its options with a view to securing a new capital structure that’s sustainable in the current oil price environment.
The IGas business comprises two distinctly separate divisions, one is a portfolio of high potential UK shale gas assets (where projects are supported by major partners) and the other is a group of conventional oil and gas production assets (which is expected to flow an average of 2,400 to 2,600 boepd for 2016).