Igas Energy PLC Business Update (3792K)
04 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMIGAS
RNS Number : 3792K
Igas Energy PLC
04 January 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
4 January 2021
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Business Update
IGas announces a general business update following conclusion of
the Reserve Based Lending facility (RBL) semi-annual
recalculation.
The Company has completed the RBL redetermination exercise
confirming US$31.7 million (GBP24.0 million) of debt capacity and
current headroom of US$11.7 million (GBP8.9 million). As at 30
November 2020 cash balances stood at US$2.8 million, with net debt
of US$17.2 million.
The Company has hedged 370,000 barrels for 2021 at an average
floor price of US$44/bbl using a mixture of swaps and collars.
On 14 December 2020, the UK Government published the long
anticipated Energy White Paper setting out how the UK will clean up
its energy system and reach net zero emissions by 2050. In
particular, IGas welcomed the statement that " The UK's domestic
oil and gas industry has a critical role in maintaining the
country's energy security and is a major contributor to the economy
" and that " The projections for demand for oil and gas though much
reduced is forecast to continue for decades to come."
IGas has already taken steps to diversify into renewables
technologies, so that it is well placed to benefit from the energy
transition, through its acquisition of GT Energy in September 2020
and its partnership in hydrogen.
Commenting, CEO Stephen Bowler, said:
"In spite of the continued pressures on the business, as a
result of COVID-19, average net production for the year to 31
December 2020 is within the 1,850 - 2,050 boepd range.
Having completed a review of IGas's assets, I am excited about
the various energy transition opportunities that we have
identified. Our partnership with BayoTech will allow us to advance
hydrogen production opportunities, increasing the value of the gas
we produce whilst pioneering the use of small scale steam methane
reformation equipment in the UK. Our land portfolio is well suited
to the development of renewable and hybrid flexible power
generation and our assets have the potential for carbon storage at
scale in locations close to emitters. The Government's recently
published Energy White Paper makes a commitment to repurposing : "
We will provide opportunities for oil and gas companies to
repurpose their operations away from unabated fossil fuels to
abatement technologies such as carbon capture, utilisation and
storage (CCUS) or clean energy production such as renewables and
hydrogen "
The British Geological Survey recently estimated that geothermal
energy resources in the UK are sufficient to deliver about 100
years of heat supply for the entire UK. The publication of the UK
Government's Ten Point Plan and Energy White Paper provides for
significant opportunity for our geothermal business in the
decarbonisation of large-scale heat and we look forward to
responding to the Green Heat Network Fund consultation.
We look forward to advancing these and other opportunities which
will allow IGas to make material contributions to the Green Energy
Revolution."
Ross Pearson, Technical Director of IGas Energy plc, and a
qualified person as defined in the Guidance Note for Mining, Oil
and Gas Companies, March 2006, of the London Stock Exchange, has
reviewed and approved the technical information contained in this
announcement. Mr Pearson has 19 years' oil and gas exploration and
production experience.
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44
(0)20 7597 5970
Sara Hale/Jeremy Ellis/Virginia Bull
BMO Capital Markets (Joint Corporate Broker) Tel: +44 (0)20 7653
4000
Tom Rider
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523
8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Communications Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Chris McMahon/Charlie Neish
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