Business
AGM Trading Update
AGM Trading Update.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 1964Z Igas Energy PLC 25 May 2016 \n\n25 May 2016\nIGas Energy PLC (AIM : IGAS)\n(\"IGas\" or \"the Company\")\nAGM Trading Update\nIGas today provides the following statement in relation to trading for the period 1 January to 24 May. This update is issued in advance of the Company's Annual General Meeting which is being held at 10.30am today.\n Highlights:\n· Production and existing assets\n \no Production remains stable with guidance for the full year remaining between 2,500 - 2,700 boepd\no Gas monetisation projects progressing: Bletchingley planning permission granted\no Planning applications submitted to the South Down's National Park Authority for two new wells to be drilled from our Singleton site to new target locations and the installation of CNG equipment to monetise gas production\n \n· Five Year Shale Development Plan\n \no Springs Road (PEDL 140) application progresses with final determination expected in the third quarter of 2016\no Tinker Lane (PEDL 200) application submitted to Nottinghamshire County Council in May 2016\no North West 3D seismic preliminary interpretation concluded; ecological surveys underway ahead of site selection and preparation of applications for flow tests\n \n· Financial\n \no Operating costs for 2016 expected to be $30/boe\no Cash of £22.5 million as at 30 April 2016\no Capital expenditure guidance of $10m for 2016\no 405,000 barrels hedged to June 2017 at a floor price of $50.25/bbl as at 30 April 2016\n \n· Industry update\n \no Third Energy planning application approved to hydraulically fracture the existing KM8 well at Kirby Misperton, Yorkshire, to evaluate the potential of the shale resource\no The Planning Inspector conducting the Cuadrilla appeal will be submitting her report and recommendation to the Secretary of State for Communities and Local Government by 4 July 2016 \no Earlier this month, Cuadrilla notified Lancashire County Council of its intention to exercise the company's right to a permitted development for water monitoring at Preston New Road under the Infrastructure Act S...