Finance News Oil & Gas

IGas repays $4m debt on higher commodity prices

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IGas Energy plc has repaid $4 million debt of its reserves-based loan leaving net debt of £8.2m.

FLEXIBILITY

The company holds $22m (£18.1m) of debt capacity and, as at 29 July 2022, cash balances were £2.4m.

“Higher commodity prices continue to drive strong operating cash flow generation giving us financial flexibility,” said chief executive Stephen Bowler.

IGas expects to announce its H1 2022 results on 15 September.

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