Business
Annual General Meeting Trading Update
Annual General Meeting Trading Update.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 9919H Igas Energy PLC 14 June 2017 \n\n14 June 2017\nIGas Energy plc (AIM: IGAS)\n \n(\"IGas\" or \"the Company\")\n \nAnnual General Meeting Trading Update\n \nIGas today provides the following statement in relation to trading for the period 1 January to 13 June 2017. This update is issued in advance of the Company's Annual General Meeting (\"AGM\") which is being held at 10.30am today. \n \nHighlights\n \n· Successful completion of balance sheet restructuring and fundraising in April 2017\no Experienced industry investor, Kerogen Capital, now a 28% shareholder following its $35 million equity investment\no Further $22 million raised in placing and open offer\n \n· Net debt reduced from $122 million at 31 December 2016 to c.$8 million as at 31 May 2017\n \n· Cash flow generative at current oil prices\n \n· Net production averaged 2,320 boepd for the first five months of the year. Production was marginally below budget for the period due to necessary maintenance on a number of wells for which we are taking remedial action, including engagement of an additional workover rig to accelerate reinstatement of these wells. This will have an associated impact on full year operational expenditure per barrel. Net production for the year is anticipated to be c.2,400 boepd\n \n· Shale appraisal and development plan covered by up to $230 million carried work programme:\no Agreed and signed Section 106 legal agreements for the exploratory well sites at both Springs Road and Tinker Lane. Planning conditions now to be discharged ahead of construction phase and commencement of drilling activity; spudding is currently anticipated to commence in the fourth quarter of 2017\n \n· As previously announced, Chairman and Founder, Francis Gugen and John Bryant are to retire and Mike McTighe to become Chairman following the AGM, subject to shareholder approval. In addition John Blaymires and Julian Tedder have resigned from the PLC board effective following the AGM but will remain directors of the operating companies and continue to hold their executive roles\n \nStephen Bowler,...