RBL Redetermination Completed & Notice of Results

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

2 August 2022

 

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

 

Reserves Based Lending (RBL) redetermination completed and Notice of Interim Results

IGas is pleased to confirm it has completed its scheduled six-monthly RBL facility redetermination process. 

The redetermination exercise confirms $22 million (£18.1 million) of debt capacity.

Cash balances as at 29 July 2022, were £2.4 million with net debt of £8.2 million. 

A total of 95,000 bbls are currently hedged in 2022 using swaps at an average price of $77/bbl and 55,000 bbls using puts with an average guaranteed minimum price, net of premiums, of $44/bbl. We have also hedged 60,000 bbls for H1 2023 using swaps at an average price of $95/bbl.

Commenting, CEO Stephen Bowler, said

" Higher commodity prices continue to drive strong operating cash flow generation giving us financial flexibility.  Since year-end, we have repaid c.£4 million of debt ."

In addition, IGas expects to announce its results for the six months to 30 June 2022 on 15 September 2022.

 

For further information please contact:

IGas Energy plc   Tel: +44 (0)20 7993 9899

Stephen Bowler, Chief Executive Officer

Ann-marie Wilkinson, Director of Corporate Affairs

 

Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970

Sara Hale/Virginia Bull/Jeremy Ellis

 

Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor/James Asensio

 

Vigo Consulting  Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Finlay Thomson/Kendall Hill