25th May 2016 08:21
LONDON (Alliance News) - UK onshore gas explorer Igas Energy PLC on Wednesday said its production guidance for the year remains intact as it continues to develop its projects.
Igas said production in 2016 to date has been stable, leaving it on track to hit its guidance for 2,500 to 2,700 barrels of oil equivalent per day for the full year.
The group has made planning applications to the South Down's National Park Authority for new wells at its Singleton project. Igas expects a final decision on its Springs Road project in the third quarter and said a planning application for the Tinker Lane project was submitted to Nottinghamshire County Council this month.
"The first few months of the year have been busy across the business. We continue to identify projects to enhance production and utilise our stranded gas," said Chief Executive Stephen Bowler.
Igas shares were up 11% to 21.12 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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