UK Oil & Gas plc (UKOG) expects improved production rates from new power-efficient surface pumps at the Horndean oil field 10 miles north of Portsmouth in Hampshire. LOWER COSTS The company holds a 10% share in PL211 which is operated by IGas plc. UKOG said its net share of oil sales revenues from the asset […]
Tag: IGas plc
IGas mulls legal action on hydraulic fracturing ban
IGas plc today said it reserved the right to pursue legal action to recover losses from its onshore gas licences following the Government’s decision to reimpose the ban on hydraulic fracturing. GAINSBOROUGH TROUGH The company was responding to the Prime Minister‘s decision yesterday to re-impose the moratorium on hydraulic fracturing and a statement by the […]
IGas repays $4m debt on higher commodity prices
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 […]
IGas welcomes review on shale gas extraction
IGas plc said it welcomed the Government’s call for a scientific review of shale gas extraction by the British Geological Survey. OPPORTUNITY The department for business, energy and industrial strategy (BEIS) today announced it had commissioned a scientific review, with a report expected by the end of June 2022. IGas chief executive Stephen Bowler said […]
IGas expects increase in production for 2021
IGas plc announced it expected to increase production this year with the Welton and Scampton waterflood projects in Lincolnshire now on line. In its unaudited operational, reserves and financial figures for the year ended 31 December 2020, the onshore hydrocarbon company said that net production was within guidance averaging 1,907 boepd for the year. Operating […]