IGas Energy PLC - oil & gas producer onshore in Britain - Confirms completion of reserve-based lending facility redetermination. Confirms USD31.7 million debt capacity and USD11.7 million headroom. As at November 30, it had cash of USD2.8 million, with net debt of USD17.2 million. Adds it hedged 370,000 barrels of oil for 2021 at an average floor price of USD44 per barrel, using a mixture of swaps and collars.
Notes average net production for 2020 is within between 1,850 to 2,050 barrels of oil per day. For comparison, production in 2019 averaged 2,325 barrels of oil per day.
Current stock price: 15.30 pence
Year-to-date change: up 8.9%
By Ife Taiwo; ifetaiwo@alliancenews.com
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