UK: IGas Energy provides trading and reserves update
11 Feb 2021
IGas has provided an operational, reserves and financial update for the year ended 31 December 2020. Final results for the year are expected to be announced on 7 April 2021. The information contained in this statement has not been audited and may be subject to change.
Operational Highlights
Net production averaged 1,907 boepd for the year, within guidance, while operating costs for the year were c. $33/boe (at an average 2020 exchange rate of £1:$1.29).
We anticipate net production of between 2,150-2,350 boepd and operating costs of c.$32/boe (assuming an exchange rate of £1:$1.35) in 2021, albeit subject to the ongoing challenges that COVID-19 presents.