IGas has a number of operations in the
IGas' pretax loss in 2017 was
The firm attributed the rise in revenue mainly due to higher oil prices, offset slightly by a stronger sterling to US dollar exchange rate and marginally lower production.
The narrowed loss was due to a significant decrease in finance costs to
Production averaged 2,335 barrels of oil equivalent in 2017 compared to 2,355 in 2016. This is guided to be between 2,300 boepd and 2,400 boepd in 2018. Operating costs in 2017 were
IGas said given better prices and an improved cash position, it, like the rest of the energy industry, can spend more time looking at exploration and appraisals in its existing assets, and it is now approaching a period of increased activity across its assets.
Looking forward, IGas is cautious about the macro-economic outlook but is confident anticipated free operating cash flow will give it a solid platform for progress.
Chief Executive Stephen Bowler said: "There is also a significant level of activity onshore
"As momentum builds across both our business and the industry as a whole, we look forward to the future with excitement as security of energy supply and diversification of the
Shares were up 2.0% on Wednesday at
