Business
Reserves and Trading Update
Reserves and Trading Update.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 1272C Igas Energy PLC 06 February 2020 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n6 February 2020\nIGas Energy plc (AIM: IGAS)\n(\"IGas\" or \"the Company\")\n \nReserves and Trading Update\nIGas provides a reserves, trading and operational update for the year to 31 December 2019. Final results for the year ended 31 December 2019 are expected to be announced on Thursday, 26 March 2020. The information contained in this statement has not been audited and may be subject to change.\nReserves Update\nThe Company publishes today its reserves and resources of its conventional oil and gas interests, as at 31 December 2019, from a Competent Persons Report (\"CPR\") carried out by DeGolyer & MacNaughton (\"D&M\"), a leading international reserves and resources auditor.\nKey highlights:\n· IGas net reserves and resources* (MMboe):\n\n\n\n\n \n\n\n1P\n\n\n2P\n\n\n2C\n\n\n\n\nAs at 31 Dec 2018\n\n\n9.78\n\n\n14.56\n\n\n19.20\n\n\n\n\nAs at 31 Dec 2019\n\n\n10.55\n\n\n16.05\n\n\n19.60\n\n\n\n\n \n· Significant 2P reserves replacement ~277% (1P ~192%)\n· 2P NPV10 of $183 million*\n*based on forward oil curve of 2020 $61.78/bbl; 2021 $58.39/bbl; 2022 $56.97/bbl; 2023 $56.54/bbl; 2024 $57.67/bbl\nThe full report will be uploaded to https://www.igasplc.com/investors/publications-and-reports in the next few days.\nOperational highlights\n· Net production averaged 2,325 boepd for the year, within guidance, while operating costs for the year were c. $30/boe (at an average 2019 exchange rate of £1:$1.28). We anticipate net production of between 2,250 - 2,450 boepd and operating costs of c.$30/boe (assuming an exchange rate of £1:$1.30) in 2020.\n• Our Waterflood Projects remain on track both in terms of delivery and budget, and are expected to be online in H1 2020:\no Scampton Waterflood project - pipeline construction now complete, site construction continuing as planned; and\no Welton Waterflood project - well integrity tests successfully completed and as such project will progress as planned.\n \n· The Planning Inspector has now submitted his recommendation report on the Ellesmere Port Appeal to the Secretary of State. A decision is expected on or befo...