IGas Energy provides update on UK operations

Published Jun 29, 2015
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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

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