Onshore UK hydrocarbon producer, IGas, announced Tuesday that it is in discussions with “a number” of potential investors in a bid to strengthen its balance sheet.
“These discussions are intended to achieve a capital structure that is sustainable in the current oil price environment,” said a company statement on IGas’ website.
IGas operates one of the largest net shale acreage positions in the UK, with a total gross carried work programme of up to $255 million. The company is currently making “good progress” on its five year shale development plan, with two carried wells expected to spud in the first half of 2017, subject to planning and permitting.
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