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

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