Business
Preliminary Results
Preliminary Results.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 2169S Igas Energy PLC 16 March 2016 \n\n16 March 2016\nIGas Energy plc (AIM: IGAS)\nPreliminary results for the nine months ended 31 December 2015\nIGas Energy plc (\"IGas\" or \"the Company\" or \"the Group\"), one of the leading producers of hydrocarbons onshore in Britain, announces its preliminary results for the nine months to 31 December 2015.\nResults Summary\n\n\n\n\n \n\n\nNine months to 31 Dec 2015\n£m\n\n\nYear ended\n31 March\n2015\n£m\n\n\n\n\nRevenues\n\n\n25.1\n\n\n58.2\n\n\n\n\nEBITDA1,2\n\n\n18.3\n\n\n21.6\n\n\n\n\nExploration and evaluation assets written off (net of tax)\n\n\n(10.0)\n\n\n(6.4)\n\n\n\n\nImpairments of P,P&E assets and goodwill (net of tax)\n\n\n(48.1)\n\n\n(1.6)\n\n\n\n\n(Loss)/profit after tax\n\n\n(44.8)\n\n\n5.2\n\n\n\n\nNet cash from operating activities\n\n\n1.0\n\n\n26.5\n\n\n\n\nNet debt3\n\n\n73.3\n\n\n86.4\n\n\n\n\nCash and cash equivalents\n\n\n28.6\n\n\n19.0\n\n\n\n\nNet assets\n\n\n98.8\n\n\n146.6\n\n\n\n\nNotes\n1. EBITDA relates to earnings before finance costs (£7.8m)(2014/15: £12.5m), tax credit (£17.3m)(2014/15: £23.8m), depletion, depreciation and amortisation (£7.2m)(2014/15: £13.0m), impairment of oil and gas assets (£17.7m)(2014/15: £3.9m) and exploration and evaluation assets written off (£12.9m)(2014/15: £15.4m)\n2. EBITDA is considered by the Company to be a useful additional measure to help understand underlying performance\n3. Net debt is borrowings less cash and restricted cash\nHighlights\n· Delivering against five year plan\no Acquisition of 110km² of 3D seismic in North West completed in early November 2015. Processing and interpretation underway, due for completion in Q3 2016\no Nottinghamshire County Council (\"NCC\") granted planning permission for Groundwater Monitoring Boreholes at the Springs Road site in January 2016; monitoring now installed \no Following the normal planning consultation period, NCC has requested further information from IGas for the Springs Road planning application. Further public consultation will follow. Determination is expected in Q3 2016, subject to any additional requests for information\no Planning application f...