Igas Energy PLC RBL Redetermination Completed & Notice of Results (5290U)
August 02 2022 - 2:00AM
UK Regulatory
TIDMIGAS
RNS Number : 5290U
Igas Energy PLC
02 August 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
2 August 2022
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Reserves Based Lending (RBL) redetermination completed and
Notice of Interim Results
IGas is pleased to confirm it has completed its scheduled
six-monthly RBL facility redetermination process.
The redetermination exercise confirms $22 million (GBP18.1
million) of debt capacity.
Cash balances as at 29 July 2022, were GBP2.4 million with net
debt of GBP8.2 million.
A total of 95,000 bbls are currently hedged in 2022 using swaps
at an average price of $77/bbl and 55,000 bbls using puts with an
average guaranteed minimum price, net of premiums, of $44/bbl. We
have also hedged 60,000 bbls for H1 2023 using swaps at an average
price of $95/bbl.
Commenting, CEO Stephen Bowler, said
" Higher commodity prices continue to drive strong operating
cash flow generation giving us financial flexibility. Since
year-end, we have repaid c.GBP4 million of debt ."
In addition, IGas expects to announce its results for the six
months to 30 June 2022 on 15 September 2022.
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/Virginia Bull/Jeremy Ellis
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/Finlay Thomson/Kendall Hill
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END
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