26th Jun 2020 07:41
Igas Energy PLC - oil and gas producer onshore in Britain - Opts to return nine of its fields to production while keeping the remaining six shut-in. Igas temporarily shut-in a number of sites in May and June in response to the low oil price. The six shut-in fields, alongside Igas's Albury gas to grid plant, account for around 320 barrels of oil equivalent per day. Due to supply chain disruption and other issues stemming from the Covid-19 pandemic, project delivery delays and reduced productivity mean the firm will see an annualised reduction of approximately 150 boepd, giving an expected 2020 production of between 1,850 and 2,050 boepd. In 2019, net production averaged 2,325 boepd. Separately says Chief Financial Officer Julian Tedder will step down from July 31, and Financial Controller Frances Ward will take over responsibilities, as part of cost cutting.
Current stock price: 21.00 pence
Year-to-date change: down 56%
By Anna Farley; [email protected]
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