2 Aug 2022 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
2 August 2022
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Reserves Based Lending (RBL) redetermination completed and Notice of Interim Results
IGas is pleased to confirm it has completed its scheduled six-monthly RBL facility redetermination process.
The redetermination exercise confirms $22 million (£18.1 million) of debt capacity.
Cash balances as at 29 July 2022, were £2.4 million with net debt of £8.2 million.
A total of 95,000 bbls are currently hedged in 2022 using swaps at an average price of $77/bbl and 55,000 bbls using puts with an average guaranteed minimum price, net of premiums, of $44/bbl. We have also hedged 60,000 bbls for H1 2023 using swaps at an average price of $95/bbl.
Commenting, CEO Stephen Bowler, said
"Higher commodity prices continue to drive strong operating cash flow generation giving us financial flexibility. Since year-end, we have repaid c.£4 million of debt."
In addition, IGas expects to announce its results for the six months to 30 June 2022 on 15 September 2022.
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970
Sara Hale/Virginia Bull/Jeremy Ellis
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Consulting Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Finlay Thomson/Kendall Hill