IN BRIEF: IGas first-half loss narrows; geothermal strategy progresses

IGas Energy PLC - Lincoln-based oil and gas producer - Pretax loss narrows to GBP14.2 million in ...

Alliance News 22 September, 2021 | 2:21PM
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IGas Energy PLC - Lincoln-based oil and gas producer - Pretax loss narrows to GBP14.2 million in six months to June 30 from GBP38.1 million a year prior, revenue grows to GBP16.6 million from GBP10.5 million. Net production averaged 2,005 barrels of oil equivalent per day in first-half, up from 1,940 year-on-year. Says without impact of Covid-19, production in first-half would have been 2,185 boepd. Full year net production is forecast at 2,000 boepd. Declares no interim dividend.

Signs memorandum of understanding with SSE Heat Networks Ltd for a geothermal district heating project in Stoke-on-Trent, Staffordshire as part of geothermal strategy, but awaits government support. "We believe there is significant commercial potential for geothermal energy production and the development of localised hybrid energy systems generating both heat and power," says Chief Executive Stephen Bowler.

Current stock price: 17.56 pence, down 16% on Wednesday

Year-to-date change: up 25%

By Josie O'Brien; josieobrien@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
IGas Energy PLC 16.10 GBX -1.53 -

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