Igas Energy PLC Competent Persons Report (5457C)

TIDMIGAS

RNS Number : 5457C

Igas Energy PLC

11 February 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

11 February 2020

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

Competent Persons Report

IGas is pleased to announce the publication today of the full Competent Persons Report ("CPR") of its conventional oil and gas interests, as at 31 December 2019, as highlighted in its Trading Update released on 6 February 2020.

The CPR was completed by DeGolyer & MacNaughton ("D&M"), a leading international reserves and resources auditor.

Key highlights:

   --    IGas net reserves and resources* (MMboe): 
 
                      1P      2P      2C 
 As at 31 Dec 2018    9.78    14.56   19.20 
                     ------  ------  ------ 
 As at 31 Dec 2019    10.55   16.05   19.60 
                     ------  ------  ------ 
 
   --   Significant 2P reserves replacement 277% (1P 192%) 
   --   2P NPV10 of $183 million*

*based on forward oil curve of 2020 $61.78/bbl; 2021 $58.39/bbl; 2022 $56.97/bbl; 2023 $56.54/bbl; 2024 $57.67/bbl

The full report can be found at https://www.igasplc.com/investors/publications-and-reports

Ross Pearson, Technical Director of IGas Energy plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement. Mr Pearson has 19 years oil and gas exploration and production experience.

For further information please contact:

   IGas Energy plc                 Tel: +44 (0)20 7993 9899

Stephen Bowler, Chief Executive Officer

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Director of Corporate Affairs

Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970

Sara Hale/Jeremy Ellis/Neil Coleman

BMO Capital Markets (Joint Corporate Broker) Tel: +44 (0)20 7653 4000

Tom Rider/Neil Elliot/Jeremy Low/Tom Hughes

Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor/James Asensio

   Vigo Communications   Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Chris McMahon

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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