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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

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AIM:IGAS

Price: 19.1995 GBX

Market Cap: £24.07 m

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Igas Energy CEO Stephen Bowler presents at the Proactive One2One Virtual Forum

Igas Energy (LON:IGAS) CEO Stephen Bowler presents at the Proactive One2One Virtual Forum. IGas Energy is a leading British oil and gas explorer and developer, producing c.1m barrels of oil and gas equivalent every year from over 100 sites across the country, claiming there is significant...

on 19/10/20

2 min read