(Alliance News) - IGas Energy PLC said on Wednesday that higher commodity prices were driving strong operating cash glow generation.
Operating cash flow is now expected to be at GBP21 million in 2022.
The London-based oil and gas exploration and production company said it continues to expect net production of 2,000 barrels of oil equivalent per day in 2022.
Currently the group has hedged 146,000 barrels for the remainder of 2022 using swaps at an average price of USD76 per barrels and 93,000 barrels at an average floor price of USD44 barrels using puts.
At its annual general meeting, the company also highlighted the important of domestic energy generation given the challenges of the war in Ukraine.
IGas is focused on the UK and said it was progressing a number of development opportunities. It added that these opportunities have the potential to add an initial 900 barrels of oil equivalent per day and a further 500 boed in subsequent phases.
Shares in IGas Energy were down 3.2% at 26.52 pence on Wednesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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