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IGas maintains production guidance as it advances new projects

Thu, 13th May 2021 15:44

(Sharecast News) - IGas Energy said in an update on Thursday that it was still expecting net production of between 2,150 and 2,350 barrels of oil equivalent for 2021.
The AIM-traded firm said that as at 30 April, cash balances totalled £2.4m, and net debt stood at £12.8m, while as of 4 May, it had hedged a total of 270,400 barrels for the remainder of 2021 at an average floor rate of $44 per barrel, and 60,000 barrels for the first quarter of 2022 at an average rate of $60 per barrel.

Looking at its geothermal business, the company said that while it was waiting for planning approval for the Stoke-on-Trent project, it was making progress on securing specific sites at "high-potential" locations as part of its development pipeline, and looked forward to providing further updates.

It said it was having positive discussions with government regarding future financial support for its geothermal projects.

IGas said it remained "firmly focussed" on cost and capital discipline while building the business.

It said it would continue to invest in its existing assets where appropriate, to realise future benefits, and was moving ahead with its geothermal and hydrogen projects.

"In a year of unprecedented disruption caused by the ongoing pandemic and associated lockdowns, much has been achieved thanks to the professionalism and hard work of the IGas teams and our partners and suppliers," said interim non-executive chairman Cuth McDowell.

"Reflecting on our 2020 results, despite highly challenging circumstances, the company has continued to make progress in a number of key areas and to develop its business strategies.

"We delivered production within our revised guidance, brought our waterflood projects online and completed the pivotal acquisition of GT Energy, the UK developer of geothermal energy."

At 1523 BST, shares in IGas Energy were down 2.34% at 20.02p.
More News
14 Jun 2023 09:15

IN BRIEF: IGas Energy "delighted" to maintain production momentum

IGas Energy PLC - London-based onshore energy company - Says production remains in line with guidance at 2,000 barrels of oil equivalent per day. Says planning permission is granted for Glentworth project.

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12 Jun 2023 12:42

IGas Energy subsidiary wins contract with Salisbury NHS trust

(Sharecast News) - IGas Energy announced on Monday that its geothermal subsidiary GT Energy has secured a significant contract with the Salisbury NHS Foundation Trust to provide a geothermal heat solution for Salisbury District Hospital.

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12 Jun 2023 10:13

IGas celebrates as geothermal business, GT Energy, inks NHS contract

(Alliance News) - IGas Energy PLC on Monday said that its geothermal business, GT Energy, has been selected by Salisbury NHS Foundation Trust to deliver a geothermal heat solution.

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8 Jun 2023 12:52

IN BRIEF: IGas Energy appoints interim chair Chris Hopkinson as CEO

IGas Energy PLC - London-based onshore energy company - Appoints Chris Hopkinson as chief executive officer. Hopkinson first joined IGas in January last year, and has been the interim executive chair since September.

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7 Jun 2023 15:47

UK shareholder meetings calendar - next 7 days

Thursday 8 June 
Ashtead Technology Holdings PLCAGM
Camellia PLCAGM
Checkit PLCAGM
Churchill China PLCAGM
CRH PLCCourt Meeting and EGM re proposal to transfer the company's primary listing to NYSE
Downing Renewables & Infrastructure Trust PLCAGM
Fair Oaks Income LtdAGM
Fusion Antibodies PLCGM re result of retail offer
Genflow Biosciences PLCAGM
Glenveagh Properties PLCAGM
Invesco Perpetual UK Smaller Companies Investment Trust PLCAGM
Kavango Resources PLCAGM
Kosmos Energy LtdAGM
Melrose Industries PLCAGM
North American Income Trust PLCAGM
Oriole Resources PLCAGM
Panther Metals PLCAGM
REA Holdings PLCAGM
Renalytix PLCGM re director's authorization to allot new shares and equity securities for cash
Vaalco Energy IncAGM
Friday 9 June 
Arecor Therapeutics PLCAGM
Devolver Digital IncAGM
Fulham Shore PLCGM and court meeting re takeover by Torridoll Holdings Corp
Hochschild Mining PLCAGM
Mirada PLCGM re cancellation and re-registration as PLC
MP Evans Group PLCAGM
S4 Capital PLCAGM
Sureserve Group PLCCourt Meeting and GM re acquisition by CAP10 
Monday 12 June 
Brighton Pier Group PLCAGM
Learning Technologies Group PLCAGM
Oxford Nanopore Technologies PLCAGM
Pembridge Resources PLCGM and Creditors' Meeting re future plans and objectives
Round Hill Music Royalty Fund LtdAGM
Staffline Group PLCAGM
VPC Specialty Lending Investments PLCGM re investment policy
Tuesday 13 June 
Animalcare Group PLCAGM
Asiamet Resources LtdAGM
Centrica PLCAGM
Dillistone Group PLCAGM
EJF Investments LtdAGM
Elixirr International PLCAGM
Flowtech Fluidpower PLCAGM
Frenkel Topping Group PLCAGM
Great Western Mining Corp PLCAGM
Newbury Racecourse PLCAGM
Plant Health Care PLCAGM
Pressure Technologies PLCGM re delay to the publication of the FY22 Annual Report and directors' remuneration
Pod Point Group Holdings PLCAGM
Sound Energy PLCAGM
Zinnwald Lithium PLCAGM
Wednesday 14 June 
abrdn Property Income Trust LtdAGM
abrdn Smaller Companies Income Trust PLCAGM
Andrews Sykes Group PLCAGM
Aquila Energy Efficiency Trust PLCAGM
Aurrigo International PLCAGM
Brave Bison Group PLCAGM
Christie Group PLCAGM
Foresight Solar Fund LtdAGM
IGas Energy PLCAGM
International Consolidated Airlines Group SAAGM
Iofina PLCAGM
James Fisher & Sons PLCAGM
Liberty Global PLCAGM
M&C Saatchi PLCAGM
Petards Group PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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30 May 2023 16:38

IGas picked as preferred bidder for Wythenshawe Hospital heating

(Sharecast News) - IGas Energy announced on Tuesday that its geothermal business, GT Energy, has been chosen as the preferred bidder by Manchester University NHS Foundation Trust to implement a geothermal heat solution for Wythenshawe Hospital.

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30 May 2023 13:28

IN BRIEF: IGas Energy chosen for Manchester NHS geothermal scheme

IGas Energy PLC - London-based onshore energy company - Says its geothermal business GT Energy has been selected by Manchester University NHS Foundation Trust as preferred bidder to deliver a geothermal heat solution for a hospital in Wythenshawe near Manchester. Follows a process of five tenders submitted through the Carbon & Energy Fund framework in late 2022. Notes an "innovation partnership" will be created between GT Energy, the trust and the CEF to "provide a framework for the parties to work together through the project development phases". Says further announcements will be made about the details and timeline of the project once the partnership has been formalised.

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17 Apr 2023 17:43

TRADING UPDATES: Eqtec enters deal; Fulcrum buys 42 mining claims

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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30 Mar 2023 14:46

EARNINGS UPDATES: Microlise and Gattaca swing to annual profit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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30 Mar 2023 09:52

Canaccord Genuity nudges up price target on iGas Energy

(Sharecast News) - Analysts at Canaccord Genuity slightly raised their target price on exploration and production company iGas Energy from 75.0p to 80.0p on Thursday as the group's focus on squeezing the most from conventional assets caught its eye.

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23 Mar 2023 15:47

UK earnings, trading statements calendar - next 7 days

Friday 24 March 
Ceres Power Holdings PLCFull Year Results
JD Wetherspoon PLCHalf Year Results
NAHL Group PLCFull Year Results
Smiths Group PLCHalf Year Results
Sopheon PLCFull Year Results
Tribal Group PLCFull Year Results
Monday 27 March 
Aeorema Communications PLCHalf Year Results (TBC)
Belvoir Group PLCFull Year Results
Carnival PLCTrading Statement
CentralNic Group PLCFull Year Results
Crimson Tide PLCFull Year Results
Dialight PLCFull Year Results
eEnergy Group PLCHalf Year Results
Equals Group PLCFull Year Results
Hyve Group PLCTrading Statement
IQGeo Group PLCFull Year Results
Life Science REIT PLCFull Year Results
RTC Group PLCFull Year Results
SigmaRoc PLCFull Year Results
Target Healthcare REIT PLCHalf Year Results
Tandem Group PLCFull Year Results
Thungela Resources LtdFull Year Results
Tortilla Mexican Grill PLCFull Year Results
Tuesday 28 March 
AG Barr PLCFull Year Results
Animalcare Group PLCFull Year Results
Bango PLCTrading Statement
Bellway PLCHalf Year Results
CPPGroup PLCFull Year Results
DigitalBox PLCFull Year Results
EKF Diagnostics Holdings PLCFull Year Results
Eleco PLCFull Year Results
Empresaria Group PLCFull Year Results
Flowtech Fluidpower PLCFull Year Results
Good Energy Group PLCFull Year Results
Impact Healthcare REIT PLCFull Year Results
James Fisher & Sons PLCFull Year Results
John Wood Group PLCFull Year Results
Marlowe PLCTrading Statement
Mortgage Advice Bureau Holdings PLCFull Year Results
Nanoco Group PLCHalf Year Results
Ocado Group PLCTrading Statement
Personal Group Holdings PLCFull Year Results
Petershill Partners PLCFull Year Results
Real Estate Investors PLCFull Year Results
Regional REIT LtdFull Year Results
S&U PLCFull Year Results
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Synthomer PLCFull Year Results
Team17 Group PLCFull Year Results
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VH Global Sustainable Energy Opportunities PLCFull Year Results
Xaar PLCFull Year Results
Wednesday 29 March 
abrdn Smaller Companies Income Trust PLCFull Year Results
Artisanal Spirits Co PLCFull Year Results
Big Technologies PLCFull Year Results
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Ecora Resources PLCFull Year Results
Essentra PLCFull Year Results
Inspired PLCFull Year Results
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RM PLCFull Year Results
S4 Capital PLCFull Year Results
Strix Group PLCFull Year Results
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tinyBuild IncFull Year Results
UP Global Sourcing Holdings PLCHalf Year Results
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AO World PLCTrading Statement
Aquis Exchange PLCFull Year Results
Arbuthnot Banking Group PLCFull Year Results
BBGI Global Infrastructure SAFull Year Results
Chesnara PLCFull Year Results
Ebiquity PLCFull Year Results
Gattaca PLCHalf Year Results
Gresham House PLCFull Year Results
IGas Energy PLCFull Year Results
Impellam Group PLCFull Year Results
International Public Partnerships LtdFull Year Results
Ithaca Energy PLCFull Year Results
Microlise Group PLCFull Year Results
Moonpig Group PLCTrading Statement
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Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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23 Feb 2023 15:58

IGas Energy recovers from first-half production difficulties

(Sharecast News) - IGas Energy said in a trading update on Thursday that its net production for 2022 averaged 1,898 barrels of oil equivalent per day, impacted by supply chain issues and equipment failure in the first half.

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23 Feb 2023 14:40

TRADING UPDATES: TT Electronics says annual profit to top market view

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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10 Feb 2023 11:51

IN BRIEF: IGas Energy completes facility redetermination process

IGas Energy PLC - London-based onshore energy company - Completes its scheduled six-monthly reserves based lending facility redetermination process. This confirms USD17.0 million of debt capacity. Net debt at December 31 was USD7.3 million. The next RBL redetermination is scheduled to take place in June 2023.

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14 Dec 2022 15:53

Igas Energy on track to meet full-year production forecast

(Sharecast News) - UK-focussed onshore energy company Igas updated the market on its operations on Wednesday, reporting that it was on track to deliver its full-year production forecast of between 1,900 and 1,950 barrels of oil equivalent per day.

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