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IGas production rates fall as costs increase

Mon, 04th Feb 2019 12:14

(Sharecast News) - Oil and gas outfit IGas saw production rates fall back and operating costs rise in its last trading year with chief operating officer John Blaymires.IGas saw its rate of oil production drop 3.3% to 2,258 barrels of oil per day in the year ended 31 December - while December marking a slight improvement on the yearly average at 2,365 boepd.Costs shot up 12% to $32m as a result of IGas' efforts to encounter hydrocarbons at its Tinker Lane asset came up short and lead to the abandonment and plugging of the site.On the other hand, IGas successfully completed its Albury gas-to-grid project with full production start-up and gas export to the grid starting at the end of November.Chief executive Stephen Bowler said: "2018 was yet again a very busy one across the business.""Production levels remain robust, and we were delighted that Albury was brought on stream, on schedule in the last quarter of 2018."Elsewhere, IGas revealed that chief operating officer John Blaymires had announced his intention to retire from the group upon completion of its Spring Road vertical well. Day-to-day operations will be taken over by the group's development, production and technical directors.As of 1210 GMT, IGas shares had dipped 1.53% to 79.37p.

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29 Jun 2015 11:00

UPDATE: Major Setback For UK Shale Industry As Fracking Application Refused

29 Jun 2015 10:35

Major Setback For UK Shale Industry As Fracking Application Refused

26 Jun 2015 07:05

IGas Swings To Loss As Lower Oil Price, Weaker Production Bite

24 Jun 2015 16:11

Council Vote On Cuadrilla Fracking Application In Lancashire Deferred

23 Jun 2015 11:45

PRESS: Cuadrilla Fracking Argument Heats Up Ahead Of Final Decision

15 Jun 2015 10:37

UPDATE 1-UK council recommends approval for Cuadrilla fracking permit

(Adds Cuadrilla, environmental group comments) LONDON, June 15 (Reuters) - Shale gas firm Cuadrilla Resources received a boost in its plan to start fracking in north west England on Monday when local government recommended that its application to drill up to four exploration wells should be

15 Jun 2015 09:43

UK council recommends approval for Cuadrilla fracking permit

LONDON, June 15 (Reuters) - Shale gas firm Cuadrilla Resources received a boost in its plan to start fracking in north west England on Monday when local government recommended that its application to construct up to four exploration wells should be granted. The company's project at Preston

15 Jun 2015 08:33

BROKER RATINGS SUMMARY: Merrill Lynch Ups Fresnillo, Centamin To Buy

22 May 2015 12:29

Britain's new government set to kick-start shale ambitions

By Karolin Schaps LONDON, May 22 (Reuters) - Britain's new Conservative government could take control of planning decisions to speed up the development of shale gas and prevent investor money from drying up, lawyers say. Britain is estimated to have enough shale gas trapped below its

11 May 2015 10:02

UK Conservative Government Vows To Support Shale Gas, Fracking

8 May 2015 07:27

UPDATE 1-IGas CEO Austin to step down after signing Ineos deal

* Current CFO to replace Austin as CEO * Firm to cut headcount by over 25 pct, shut Sterling office * In discussion with third party over Indonesia investments (Adds detail about cost savings, funding) LONDON, May 8 (Reuters) - Britain's largest shale gas developer IGas said o

8 May 2015 07:12

LONDON MORNING BRIEFING: Stocks Surge As Conservatives Set To Govern

8 May 2015 06:51

IGas Chairman Leaves As Company Cuts Workforce By Over 25%

8 May 2015 06:27

IGas CEO Austin to step down after signing deal with Ineos

LONDON, May 8 (Reuters) - Britain's largest shale gas developer IGas said on Friday that its chief executive Andrew Austin is to step down, following the completion of a deal with Swiss chemicals group Ineos. Austin, who has been at IGas for more than ten years, said chief financial officer

7 May 2015 16:39

Thursday broker round-up

Morrison: Shore Capital reiterates buy. Direct Line Insurance Group: Canaccord Genuity reiterates buy and 350p target. BAE Systems: Charles Stanley reiterates accumulate. GlaxoSmithKline: UBS reiterates buy and 1,700p target. Aviva: Panmure Gordon reiterates buy and raises target to 660p from 600

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