Business
Full Year Results
Full Year Results.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 2486U Igas Energy PLC 28 March 2019 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n28 March 2019\nIGas Energy plc (AIM: IGAS)\n(\"IGas\" or \"the Company\" or \"the Group\")\nFull year results for the year ended 31 December 2018\nIGas, one of the leading producers and explorers of hydrocarbons onshore in Britain, announces its full year results for the year ended 31 December 2018.\nResults Summary\n\n\n\n\n \n\n\nYear ended\n31 Dec 2018\n£m\n\n\nYear ended\n31 Dec 2017\n£m\n\n\n\n\nRevenues\n\n\n42.9\n\n\n35.8\n\n\n\n\nAdjusted EBITDA1\n\n\n10.8\n\n\n9.2\n\n\n\n\nUnderlying profit1\n\n\n4.0\n\n\n1.3\n\n\n\n\n(Loss)/profit after tax\n\n\n(21.4)\n\n\n15.5\n\n\n\n\nNet cash from operating activities\n\n\n12.9\n\n\n6.7\n\n\n\n\nNet debt2\n\n\n6.4\n\n\n6.2\n\n\n\n\nCash and cash equivalents\n\n\n15.1\n\n\n15.7\n\n\n\n\nNotes\n1. Adjusted EBITDA and underlying profit are considered by the Company to be useful additional measures to help understand underlying performance. A reconciliation to loss before tax is included in the financial review.\n2. Net debt is borrowings less cash and cash equivalents excluding capitalised fees. \n3. 2019 production guidance revised whilst OPL transaction under review.\nOperational Summary\n· Net production averaged 2,258 boepd for the year (2017: 2,335 boepd). Operating costs for the year were $31.9/boe (2017: $28.2/boe). We currently anticipate net production of between 2,200 - 2,4003 boepd in 2019 and operating expenditure of $32.5/boe (assuming an exchange rate of £1:$1.30)\n· North Nottinghamshire shale appraisal campaign yields highly encouraging initial results:\no At the Springs Road well, total depth (\"TD\") has been reached at 3,500 metres after encountering all three targets - Bowland Shale, Millstone Grit and Arundian shales\n§ A hydrocarbon bearing shale sequence of over 250 metres was encountered, including the upper and lower Bowland Shale. Significant gas indications were observed throughout the shale section.\n§ Cores and wireline logs will now undergo a suite of analysis the first results of which should be available Q2\no Preliminary tests on shale samples at Tin...