Business
Trading Update and Notice of Results
Trading Update and Notice of Results.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 8302T Igas Energy PLC 09 October 2014 \n \n\n9 October 2014\nIGas Energy PLC\n(\"IGas\" or \"the Company\")\nTrading Update and Notice of Results\nIGas (LSE: IGAS), one of the leading producers of onshore hydrocarbons in the UK, reports the following trading update for the 6 months to 30 September 2014 (the \"period\" or the \"first half\"), ahead of our half-yearly results due to be announced on 26 November 2014.\nIGas continues to make good progress across the business. Production for the first half was 2,766 boepd (net) (2013: 2,704 boepd (net)) with net back (pre SG&A) of ca. US$65/bbl generated in the period. Cash balances as at 30 September 2014 were US$ 47.2m.\nThe Dart Energy Limited acquisition is in the final stages of legal completion with new IGas Energy Shares now being admitted to trading on AIM on Thursday 16 October. The integration programme is already underway. \nWork is progressing, with a number of partners, on the submissions for various blocks in the 14th Round of onshore licensing. Applications will close on 28 October. \nThe Company will announce initial gas in place estimates in the East Midlands and the first results from the ongoing core analysis of its exploration well at Barton Moss after the deadline for the 14th licensing round submissions. The Company will also commission an independent review of the combined group's assets post the Dart acquisition.\n2D seismic acquisition in the North West is expected to commence in the next two weeks. IGas is also planning the acquisition of 3D seismic across some of its acreage with a view to submitting applications for multi-well sites for drilling and hydraulic fracturing of gas from shale in H1 2015.\nCivils construction at the Ellesmere Port exploration site is complete and the Company expects to start drilling next month. This well, which is a vertical exploration well, will be the third drilled in a sequence designed to give IGas a suite of results distributed across its licenced areas in the North West. \nThe exploratory work undertaken to date, together with offset well data, has given the Company confidence to design an initial hydraulic fracture program for the first few wells in the area. This will prove invaluable for future planning applications for potential shale well...