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IGas Energy provides update on UK operations


Published Jun 29, 2015
IGas Energy

IGas Energy has announced its final results and provided an update on its UK operations.

Highlights •Production in the year was 999,003 boe (2014: 1,015,866 boe), representing an average of 2,737 boepd (2014: 2,783 boepd) •Dart Energy Limited acquisition completed in October 2014 - consideration of £67.4m was financed by issuing 89,997,626 ordinary shares •INEOS Upstream Limited ('INEOS') farm-out completed (post balance sheet date) - £30m cash consideration in May 2015. Cash on the balance sheet as at 31 May 2015 of £46.4m •Combined carried gross work programme of up to US$285m from our farm-in partners - Total E&P UK Limited, GDF Suez E&P UK Limited and INEOS •Successful well drilled at Ellesmere Port - Total Organic Carbon averaging greater than 2.0% •Bond buy back in the period with a face value of US$15.7m •Net back per boe on a profit & loss basis (post hedging) was US$45.5/bbl in the period (2014: US$53.1/bbl) impacted by the drop in oil price •Board changes - Stephen Bowler appointed CEO and CFO search in progress

Outlook •Net operating costs and S,G&A charges reduced to below $40/bbl for the year to 31 March 2016, excluding reorganisation costs (2015: US$48.6/bbl) •Looking to maintaining production c.2,750 boepd for 2015/16 through a number of initiatives •Side-tracks, water injection pilots, gas monetisation and digital oilfield •Appraisal assets •Combined carried gross work programme of up to US$285m from our farm-in partners •Working with partners to execute five year integrated development plan •Focus on early commercialisation •630,000 barrels hedged in the period 1 July 2015 to September 2016 - downside protection ranging from US$55 to US$84 per barrel and at an average of c.US$67 per barrel •14th Licensing round results due to be announced

Tags: IGas Energy




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