Business
Operations Update
Operations Update.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \n \n 14 December 2022\n \n \n IGas Energy plc (AIM: IGAS)\n \n \n (\"IGas\" or \"the Company\")\n \n \n \n \n \n \n Operations Update\n \n \n \n \n \n \n \n \n IGas, the UK onshore energy company, provides the following operations update.\n \n \n \n \n \n \n Conventional Assets\n \n \n \n The Company remains on track to deliver its full year production forecast of 1,900-1,950 boepd. In early October a production drive was initiated to ensure wells, plant and equipment had the maximum uptime, going from 3 to 5 fully operational rigs, returning 18 offline wells to production, converting 2 wells from jet pump to beam pumps, lowering operating costs and significantly increasing water injection capacity across our asset base.\n \n \n The planning application for the Glentworth project has now been submitted to Lincolnshire County Council and we await validation. Phase I has the potential to add c.200 bbls/d and development of c.1.0 mmstb 2P reserves.\n \n \n \n \n \n \n Geothermal\n \n \n \n \n \n \n \n \n The joint application with SSE to the Green Heat Network Fund is now under consideration by the scheme managers, Triplepoint, and BEIS and we await a decision in early 2023.\n \n \n \n \n \n A total of five tenders have been submitted through the Carbon Energy Fund to conduct detailed feasibility studies into supplying renewable heat to five NHS Trusts. If successful, these could result in five long term renewable heat supply contracts.\n \n \n \n \n \n \n Chris Hopkinson, Interim Executive Chairman, said:\n \n \n \n \n \n \n \n \n \"I am pleased to report that we remain on track to deliver our expected production forecast of 1,900-1,950 boepd, given the challenges in the first half of the year and would like to thank everyone in the business for their hard work in achieving our goal.\n \n \n When I stepped into the role of Interim Executive Chairman, I indicated that there were changes in the business required to make it more efficient to ensure operational excellence in our conventional assets, expedited growth in our geothermal business and we have a structure that appropriately reflects the size and shape of the current business. \n \n \n After a thorough review of the business, there has been a restructuring and rightsizing of the Executive Committee that will enab...