(Alliance News) - IGas Energy PLC on Wednesday said it has revised spending plans amid a weak oil price, but operations remain on track.
IGas will now mainly be spending on maintenance and abandonment of assets, as well as capital on projects already being executed, which will be around GBP6 million for 2020.
Production is currently within the guidance given in February of between 2,250 barrels and 2,450 barrels of oil equivalent per day. Operating costs in sterling terms are in line.
As of March 1, IGas said it had hedged 340,000 barrels for the rest of 2020 at an average price of USD53.77 per barrel. Brent was quoted at USD26.29 per barrel on Wednesday afternoon.
Cash balances at February 29 were GBP8.1 million with net debt at GBP5.2 million.
IGas shares were 1.4% higher on Wednesday in London in afternoon trade at 21.79 pence each.
By George Collard; georgecollard@alliancenews.com
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