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Igas Energy Regulatory News (IGAS)



Regulatory News for Igas Energy (IGAS)


Share Price: 61.60Bid: 60.00Ask: 61.60Change: 0.10 (+0.16%)Riser - Igas Energy
Spread: 1.60Spread as %: 2.67%Open: 63.20High: 63.20Low: 60.20Yesterday’s Close: 61.50





AGM Statement

Tue, 14th May 2019 07:00

RNS Number : 8851Y
Igas Energy PLC
14 May 2019

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

14 May 2019

IGas Energy plc (AIM: IGas)

("IGas" or "the Company")

Annual General Meeting ("AGM") Trading Update

IGas today provides the following statement in relation to trading for the period 1 January to 13 May 2019. This update is issued in advance of the Company's AGM which is being held at 10.30am today.

Highlights

· Net production averaged 2,398 boepd for the first four months of the year, which is in line with budget. Net production for the year is still anticipated to be c. 2,200 - 2,400 boepd for the full year and operating expenditure of $32.5/boe (assuming an exchange rate of £1:$1.30).

· Conventional 2P reserves of 14.6 MMboe as at 31 December 2018. NPV10 estimate is $220 million at $70/bbl long term Brent crude price; equating to c.140 pence per share (assuming an exchange rate of £1:$1.30 and shares in issue of 122.2 million).1

· We continue to progress projects in our core conventional business which include additional gas monetisation and water injection, some ahead of schedule, and will make further announcements in the coming weeks as they move through final investment decision. We continue to monitor activity in the Weald Basin and are actively seeking sites for appraisal of the Kimmeridge and Portland sandstones.

· Analysis of the Springs Road well data suite is on track and we look forward to announcing key results next month.

· We await the Planning Inspector's decision on our planning application at Ellesmere Port in Cheshire.

Note 1 Price assumptions based on D&M CPR long term Inflated see pages 28-29 of the report:

https://www.igasplc.com/media/39949/DM-CPR-IGas-Reserves-and-Resources-as-of-31-December-2018.pdf

Commenting Stephen Bowler, Chief Executive, said:

"We continue to drive the business forward on a number of fronts. Our production business is delivering in line with budget and we are progressing a number of incremental opportunities earlier than anticipated thereby maximising our cash flow from the current higher commodity prices, and demonstrating the benefits of operatorship and flexibility within the portfolio. At these oil prices, the conventional business alone provides significant value for shareholders, with a 2P NPV10 of c.140 pence per share based on long term oil prices of c.$70/bbl inflated and are generating good operating cash flows.

Our exploration projects at Tinker Lane and Springs Road have both been successfully and sensitively completed and provide significant upside to our conventional business. The cores we recovered at Springs Road were of a high quality and we look forward in anticipation to receiving the results next month. The data gathered from both wells to date shows that there are significant prospective resources in our East Midlands acreage and we are now looking at progressing a pilot development in the wider area.

The recent Net Zero report published by the Committee on Climate Change ("CCC") recognises that, to achieve this aim, the UK will still continue to need significant quantities of natural gas out to 2050 and beyond."

Ross Pearson, Technical Director of IGas Energy plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement. Mr Pearson has 18 years oil and gas exploration and production experience.

For further information please contact:

IGas Energy plc

Tel: +44 (0)20 7993 9899

Stephen Bowler, Chief Executive Officer

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Director of Corporate Affairs

Investec Bank plc (NOMAD and Joint Corporate Broker)

Tel: +44 (0)20 7597 5970

Sara Hale/Jeremy Ellis/Neil Coleman

Canaccord Genuity (Joint Corporate Broker)

Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor

Vigo Communications

Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Chris McMahon


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
TSTGGUBUAUPBGMW


Related Shares:
IGas Energy (IGAS)




DateSourceHeadlineCategory
21-May-19 07:13RNSHolding(s) in CompanyHolding(s) in Company
21-May-19 07:00RNSBoard AppointmentExecutive Changes
14-May-19 15:00RNSResult of AGMResults and Trading Reports
14-May-19 07:00RNSAGM StatementResults and Trading Reports
29-Apr-19 08:00RNSAdditional Listing Director/PDMR ShareholdingDirectors' Dealings
28-Mar-19 07:05RNSGrant of Awards under the MRP and EIPDirectors' Dealings
28-Mar-19 07:00RNSFull Year ResultsResults and Trading Reports
11-Mar-19 07:00RNSOperational Update - Springs Road WellCompany Announcement - General
15-Feb-19 08:00RNSOperational Update - Tinker Lane and Springs RoadCompany Announcement - General
04-Feb-19 07:00RNSTrading UpdateResults and Trading Reports
25-Jan-19 07:00RNSAdditional Listing Director/PDMR ShareholdingDirectors' Dealings
22-Jan-19 08:30RNSOperational Update - Springs Road WellCompany Announcement - General
24-Dec-18 11:30RNSHolding(s) in CompanyHolding(s) in Company
17-Dec-18 17:43RNSOperational Update - Tinker Lane WellCompany Announcement - General
14-Dec-18 17:50RNSInjunction RenewedCompany Announcement - General
27-Nov-18 08:25RNSOperational Update - Tinker Lane WellCompany Announcement - General
31-Oct-18 16:10RNSHolding(s) in CompanyHolding(s) in Company
26-Oct-18 07:00RNSAdditional Listing/PDMR ShareholdingCompany Announcement - General
08-Oct-18 15:35RNSHolding(s) in CompanyHolding(s) in Company
03-Oct-18 14:10RNSHolding(s) in CompanyHolding(s) in Company
03-Sep-18 14:00RNSHolding(s) in CompanyHolding(s) in Company
17-Aug-18 10:30RNSHolding(s) in CompanyHolding(s) in Company
02-Aug-18 07:00RNSTrading UpdateResults and Trading Reports
25-Jul-18 12:36RNSEllesmere Port Planning AppealCompany Announcement - General
25-Jul-18 08:00RNSAdditional Listing Director/PDMR ShareholdingDirectors' Dealings
20-Jun-18 13:10RNSHolding(s) in CompanyHolding(s) in Company
11-Jun-18 10:00RNSHolding(s) in CompanyHolding(s) in Company
29-May-18 17:45RNSHolding(s) in CompanyHolding(s) in Company
24-May-18 10:00RNSHolding(s) in CompanyHolding(s) in Company
17-May-18 11:40RNSResponse to Written Ministerial StatementCompany Announcement - General


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