Igas forecasts roughly flat production growth for 2019; COO to retire

Writer, Stock Market Wire
Monday, February 4, 2019 - 08:26

Igas said Monday it anticipated net production for 2019 would be between 2,100 and 2,300 barrels of oil equivalent per day, roughly flat compared with output last year.

The company also said that John Blaymires, Chief Operating Officer would retire following the completion of the Springs Road vertical well.

Ross Glover, Development Director, Chris Beard, Production Director and Ross Pearson, Technical Director, would takeover Mr Blaymires day-to-day responsibilities.

Net production for 2019 would be between 2,100 and 2,300, roughly flat compared with average net production of 2,258 boepd last year. Operating costs last year amounted to about $32.0 boe, the company said. For December 2018, the average rate was about 2,365 boepd.

The cash balances was £15.1m and net debt £6.4m as at 31 December 2018.

The company said 525,000 barrels were hedged for 2019 with an average put price of $58.5 per barrel.

The company said it had spudded the well at Springs Road on 22 January 2019, the second well in its appraisal programme of the Gainsborough Trough basin in North Nottinghamshire. The main objective of the well was to appraise the Bowland Shale in a central basin area.

The Ellesmere Port Appeal public inquiry that had begun on 15 January 2019, was expected to reconvene on 26 February for 4 days until completion. The planning inspector would then opine on the representations of the various parties and determine if the appeal should be allowed or refused.

'2018 was yet again a very busy one across the business. We are delighted to have now spudded the Springs Road well in North Nottinghamshire, which will help us appraise the highly prospective Gainsborough Trough. Production levels remain robust, and we were delighted that Albury was brought on stream, on schedule in the last quarter of 2018,' the company said.

At 8:26am: (LON:IGAS) Igas Energy PLC share price was +0.3p at 80.9p

Related content

IGas eyes further waterflood project at Welton field in East Midlands

IGas said it would be moving to the execution phase for a further waterflood project, at its existing producing field at Welton in the East...

Mon, 14/10/2019 - 09:57

IGas' Mike McTighe steps down as chairman

IGas announced that Mike McTighe would step down from his role as chairman with immediate effect for 'personal reasons.'

Cuth McDowell, senior independent non-executive director,...

Fri, 11/10/2019 - 08:22

IGas to explore two appraisal wells, launch production tests at Weald Basin

IGas announced plans for a new site, within its conventional portfolio, and the drilling of up to two exploration and appraisal wells in the Weald...

Thu, 04/07/2019 - 09:11

Igas to move to execution phase of its waterflood project after receiving final planning approvals

Igas said it would move to the execution phase of its waterflood project at its existing producing field at Scampton in the East Midlands after...

Tue, 04/06/2019 - 10:03

Igas Energy leaves output guidance unchanged as production in line with budget

Igas Energy left it guidance on output unchanged as production was in line with budget during the first four months of the year.

The company...

Tue, 14/05/2019 - 09:58