26th Aug 2015 07:25
LONDON (Alliance News) - IGas Energy PLC said it has appointed Julian Tedder as its new chief financial officer ahead of the company's annual general meeting to be held later Wednesday.
Tedder formerly worked for FTSE 250-listed Centrica PLC at a senior management level and most recently was general manager of finance at Tullow Oil PLC. Tedder will join IGas on September 28.
"We are delighted that Julian will be joining the board. His wealth of experience in the sector, most recently at Tullow Oil where he was part of the team that grew the business from being an explorer to a significant international oil and gas company operating with multiple partners, will complement IGas' existing leadership very well," said IGas Chairman Francis Gugen.
In a separate statement, Gugen said the company has completed a cost-reduction programme that has seen its operating costs fall to around USD32 per barrel of oil and said the company expects net operating costs and selling, general and administrative costs to be below USD40 per barrel by the end of the financial year to March 2016.
To put that into perspective, Brent oil was trading at around USD43 per barrel on Wednesday, after rising from a six-and-a-half-year low of USD42.5 per barrel on Monday.
In tandem with falling costs, production is expected to reach 2,700 barrels of oil equivalent per day for the full year to March 2016 from its current level which is sat around 2,550 barrels per day.
IGas reported a cash balance of GBP43.0 million with net debt of GBP62.0 million.
IGas shares were up 1.2% to 24.28 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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