UK Onshore Industry Set for 'Exciting' 2018
The UK onshore industry is set to have an ‘exciting’ year in 2018, according to IGas CEO Stephen Bowler.
“A number of wells are being drilled or tested by operators across multiple basins, including at our two sites in Nottinghamshire, which will help us better understand the significant hydrocarbon opportunity below our feet,” Bowler said in a company statement.
Site construction is ongoing at IGas’ sites in North Nottinghamshire, Springs Road and Tinker Lane. IGas expects to drill the Springs Road well first, in mid-2018.
The company averaged net production of 2,335 barrels of oil equivalent per day in 2017, and anticipates net production of between 2,300 - 2,400 boepd this year.
“With Brent pricing currently at around $70 per barrel, we are generating free cash flow in our conventional business and continue to evaluate additional projects with attractive economics,” Bowler stated.
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