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IGas Energy Plc is “well placed” in oil market, says chief

Steve Bowler, chief executive of IGas Energy Plc (LON:IGAS) says the company is “well placed” in the oil industry and looking to take advantage of the opportunities it has.

The firm revealed it has been successful in cutting back production costs to levels more manageable in the current oil price environment with operating costs for the financial year, ended December 31, reduced to $24.6 per barrel of oil equivalent, down from $34.6 per boe in the prior year.

Bowler adds that he is “very pleased” with the production rate, with 2p reserves increasing by more than 150% which he says is a “real result, particularly given the decrease in prices over the period”.

Quick facts: IGas Energy Plc

Price: 14.45 GBX

AIM:IGAS
Market: AIM
Market Cap: £17.84 m
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IGas is a 'diverse business with lots of opportunities' says CEO Bowler

Onshore UK focused IGas’s (LON:IGAS) production currently is 850,000 barrels per year, but that is dwarfed by its shale acreage in the East Midlands. This compares favourably with major shale plays in the US, says Bowler, who believes the reserves are sufficient to provide all the UK’s gas...

on 17/10/19

2 min read