IGas has announced that Lincolnshire County Council has granted planning consent for its Glentworth development. The development is for an initial appraisal well and up to six horizontal development wells in Phase II.
Phase I has the potential to add c.200 bbls/d and development of c.1.0 mmstb 2P reserves (currently 2P undeveloped).
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Higher operating cash flow resulted in a significant reduction in the Group s net debt to £6.1 million. Cash balances as at 31 December 2022 were £3.1 million. The Group made a loss after tax of £11.8 million. This was after deducting a £30.0 million impairment of its shale assets following the re-imposition of the moratorium on hydraulic fracturing.