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Igas Energy Regulatory News (IGAS)



Regulatory News for Igas Energy (IGAS)


Share Price: 55.80Bid: 53.40Ask: 56.00Change: 0.80 (+1.45%)Riser - Igas Energy
Spread: 2.60Spread as %: 4.87%Open: 54.80High: 55.80Low: 53.40Yesterday’s Close: 55.00





Conventional Project Update

Tue, 4th Jun 2019 07:00

RNS Number : 0473B
Igas Energy PLC
04 June 2019

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

4 June 2019

IGas Energy plc (AIM: IGas)

("IGas" or "the Company")

Conventional Project Update

IGas is pleased to announce it has received final planning approvals and is moving to the execution phase for a waterflood project, at its existing producing field at Scampton in the East Midlands.

As announced in the AGM Trading Update on 14 May 2019, the Company continues to progress projects in its core conventional business which include additional gas monetisation and water injection.

The Scampton Waterflood Project will convert an existing well to a water injector to increase oil sweep and field estimated ultimate recovery by implementing secondary recovery (water-flood) in the western portion of the Scampton North field.

The recent D&M CPR estimated 239Mbbl of incremental 2P (Probable Undeveloped) reserves for this project and our estimated mid-case project economics have an IRR of over 40% and a NPV of £2.5 million. The total cost of the project is c.£2.0 million, the majority of which will be incurred in the next 12 months, with resultant incremental production of c.100 bopd.

Commenting Stephen Bowler, Chief Executive, said:

"We have a number of attractive projects across the portfolio which continue to mature as we seek to maximise returns on our existing operations and infrastructure, and in this case are pleased to be moving forward with a low-risk opportunity with an estimated IRR of over 40%.

Alongside these production uplift opportunities, we also continue to work up additional appraisal and exploration opportunities to access new fields in our conventional portfolio.

Projects, particularly on existing sites, offer good returns at these oil prices with reduced risk and minimal incremental operating costs and we look forward to announcing future projects in due course."

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
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Related Shares:
(IGAS)




DateSourceHeadlineCategory
04-Jun-19 07:00RNSConventional Project UpdateCompany Announcement - General
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


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