Reserves Based Lending redetermination completed

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

4 January 2022

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

Reserves Based Lending (RBL) redetermination completed

IGas is pleased to confirm it has completed its scheduled six-monthly RBL facility redetermination process.

The redetermination exercise confirms £19.3 million of debt capacity.

Cash balances at 30 November 2021 were £3.2 million with net debt of £13.4 million. 216,000 bbls are currently hedged in 2022 using swaps at an average price of $68/bbl and 114,000 bbls using puts with an average guaranteed minimum price, net of premiums, of $44/bbl. 

Commenting, CEO Stephen Bowler, said

"I am pleased that we have once again been successful in the completion of our redetermination process. Our hedge pricing is much improved in 2022 and we continue to progress opportunities to increase shareholder value through the continued diversification of the business into low-carbon energy and on our cash-generating production assets."

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/Jeremy Ellis/Virginia Bull

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/Chris McMahon/Kendall Hill