RNS Number : 4444Y
Igas Energy PLC
13 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
13 May 2021
IGas Energy plc (AIM: IGas)
("IGas" or "the Company")
Annual General Meeting ("AGM") Statement and Board Change
IGas today provides the following statement in advance of the
Company's AGM, which is being held at 10.30am today.
Cuth McDowell, Interim Non-executive Chairman said:
"The ongoing challenges of COVID-19 mean that unfortunately, I
am again unable to address our AGM as an open-door meeting but look
forward to some measure of normality returning for next year.
In a year of unprecedented disruption caused by the ongoing
pandemic and associated lockdowns, much has been achieved thanks to
the professionalism and hard work of the IGas teams and our
partners and suppliers. While the rollout of vaccines is a welcome
sign of a return to some semblance of normality, our sympathies are
with anyone who is suffering and who may have lost family or
friends during the crisis. The health and wellbeing of our staff
remain the Company's overriding priority, while ensuring that the
business continues to operate safely and effectively.
Reflecting on our 2020 results, despite highly challenging
circumstances, the Company has continued to make progress in a
number of key areas and to develop its business strategies. We
delivered production within our revised guidance, brought our
waterflood projects online and completed the pivotal acquisition of
GT Energy, the UK developer of geothermal energy.
We continue to anticipate net production of between 2,150-2,350
boepd for 2021. As at 30 April 2021, cash balances were GBP2.4
million and net debt was GBP12.8million. As at 4 May 2021, the
Group had hedged a total of 270,400 bbls for the remainder of 2021
at an average floor rate of US$44/bbl and 60,000 bbls for the first
quarter of 2022 at an average rate of US$60/bbl.
Geothermal business gathers pace; new industry report
Whilst we await planning approval for the Stoke-on-Trent
project, we are making progress on securing specific sites at high
potential locations as part of our development pipeline and look
forward to providing further updates.
We continue to have positive discussions with Government
regarding future financial support for our geothermal projects.
A new industry report on the economic and environmental
importance of UK deep geothermal resource by the ARUP Group and the
Association for Renewable Energy and Clean Technology (REA) is
published today. The Report estimates that, with immediate
government support, the UK could deliver 360 geothermal projects by
2050. This would include an estimated 12 projects being operational
by 2025 with 1,300 jobs created and c.GBP100 million of investment
flowing into the UK economy.
The Committee on Climate Change stated that only decarbonisation
of heat in the UK could deliver the major reduction in emissions
needed to meet the 2050 net zero target. By delivering on average
12 heat projects per year over the next three decades, the UK could
expect to generate up to 15,000 GW hours (GWh) of heat from
geothermal, annually by 2050.
The full report can be found at
A virtual launch event, hosted by the REA and Dr Kieran Mullan,
MP for Crewe and Nantwich will be held at 10am on 19(th) May 2021.
To register for the launch event click here: Deep Geothermal Report
Launch - REA (r-e-a.net) .
IGas has received notice of intention to resign from Hans
Årstad, Non-executive Director, from the board of directors of the
Company with effect from the conclusion of the AGM. Hans leaves
with our thanks for his contribution.
As I remarked in our Annual Report, we will remain firmly
focused on cost and capital discipline whilst building our business
for the future. We will continue to invest in our existing assets
where appropriate, to realise future benefits and are moving ahead
purposefully with our geothermal and hydrogen projects."
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 20 years' oil and gas exploration and
For further information, please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive 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/Virginia Bull
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Consulting Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Chris McMahon/Kendall Hill
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(END) Dow Jones Newswires
May 13, 2021 02:00 ET (06:00 GMT)
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