Business
Operational and Trading Update
Operational and Trading Update.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 7030D Igas Energy PLC 02 February 2018 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n2 February 2018\nIGas Energy plc (AIM: IGAS)\n(\"IGas\" or \"the Company\")\n \nOperational and Trading Update\nIGas provides a trading and operational update for the year to 31 December 2017. Final results for the year ended 31 December 2017 will be announced on Wednesday, 21 March 2018. The information contained in this statement has not been audited and may be subject to change.\nFinancial Highlights\n· Net production averaged 2,335 boepd for the year and for December 2017 the average rate was c. 2,400 boepd (net). Operating costs for the year were c$28.5/boe. We anticipate net production of between 2,300 - 2,400 boepd in 2018.\n \n· 2P conventional reserves replacement of over 100% (31 Dec 2017: Net 2P reserves 13.64 MMboe)1.\n\n· Cash balances as at 31 December 2017 of £15.8 million and net debt of £6.1 million.\n\n· Carried work programme of up to $240 million as at 31 December 2017, at year end exchange rate of $1.35.\n \n· 600,000 barrels hedged for 2018 using three-way zero cost collars with an average floor price protection of $47/bbl and an average call spread of $60/bbl - $75/bbl.\nOperational Highlights\n· Site construction is ongoing at our sites in North Nottinghamshire, Springs Road and Tinker Lane. It is the Company's intention to drill the Springs Road well first. We expect to spud Springs Road mid-2018.\n \n· In the North West, we were granted environmental permits for our Ellesmere Port site in November 2017 and on 17 January 2018, the Planning Officer at Chester West and Chester Council made a recommendation for the approval of our application. At the planning committee meeting on 25 January 2018, the committee voted to refuse the application. We are currently considering our options, including our right to bring forward an appeal.\n \n· Also in the North West, at Ince Marshes, we continue to progress our planning application to drill a new well and hydraulically fracture at this existing site.\n \n· Our gas monetisation project at Albu...