Business
Trading and Reserves Update
Trading and Reserves Update.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \n \n 23 February 2023\n \n \n IGas Energy plc (\"IGas\" or \"the Company\")\n \n \n \n \n \n \n Trading and Reserves Update\n \n \n \n IGas (AIM: IGAS) issues the following trading and operations update in advance of the Company's full-year 2022 results, which are scheduled for release on 30 March 2023. The information contained in this statement has not been audited and may be subject to change.\n \n \n \n \n \n Chris Hopkinson, Interim Executive Chairman, commented:\n \n \n \n \n \n \"\n 2022 has been a year of change and refocus for the Company as we optimise our existing onshore assets to better position ourselves for a lower carbon future. \n \n \n \n \n \n Commodity prices remained strong during the period with a resulting positive impact on income and cash generation from our underlying oil and gas assets, enabling us to halve our net debt to £6.1 million (2021: £12.2 million).\n \n \n \n \n \n We made up for significant falls in production in H1 due to equipment failures to finish the year in line with expectations, at 1,898 boepd. The Q4 production drive ensured that wells, plant and equipment had the maximum uptime. As we move into 2023, our\n focus will be on maintaining and increasing production on our more profitable fields, whilst attempting to drive down costs across the portfolio. \n \n \n \n \n \n We have made significant progress during the year in bringing our vision for decarbonisation of large-scale heat using geothermal energy, in the UK, closer to fruition. We have been working closely with Government, academia and commercial partners to accelerate support for and understanding of this proven technology.\"\n \n \n \n \n \n \n Operational Highlights\n \n \n \n \n \n \n ·\n Net production, averaged 1,898 boepd for the year,\n heavily\n impacted in the first half by equipment failure caused by supply chain issues\n \n \n o \n A production drive was initiated in October leading to a strong recovery in H2 resulting in\n peak production (averaged across 5 days) of 2,432 boepd and December production averaged 2,221 boepd (net to IGas)\n \n \n ·\n We anticipate net production of c.2,000 boepd and operating costs of c.$41/boe (assuming an exchange rate of £1:$1.25) in 2023\n \n \n ·\n Underlying operating costs for the year were c....