IGas Energy Reveals Revenue, Production Decrease

IGas Energy revealed Friday that its revenues and oil production had decreased year on year, from 2014 to 2015.

Revenues for the year ended March 31, 2015 amounted to $91.6 dollars, compared to $119 million for the year ended March 31, 2014. Production in the year was 999,003 barrels of oil equivalent, which represented an average of 2,737 barrels of oil equivalent per day. For the year ended March 31, 2014, production hit 1,015,866 barrels of oil equivalent, representing an average of 2,783 barrels of oil equivalent per day.

Despite the decrease in production and revenue, IGas CEO Stephen Bowler seemed optimistic about the future of the company and commented in a company statement:

"Over the next twelve months we anticipate acquiring further seismic data, securing new sites and submitting several planning applications for exploration wells and flow tests.  We will also drill further exploration/appraisal wells including at our site in the East Midlands and anticipate this will start in H1 2016. Having implemented cost savings across the business, and following the completion of the farm-out to INEOS in May, with $73 million of cash on the balance sheet as of 31 May 2015, and up to $285 million available from our partners for a gross carried work program, the group is well placed to deliver against its strategy."

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