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IGas Energy losses deepen as crude price falls

By BFN News | 02:12 PM | Tuesday 22 September, 2020

Oil company IGas Energy swung to a deep first-half loss after revenue slumped and it wrote down the value of its assets due falling crude prices. Net losses for the six months through June amounted to £40.9m, compared to losses of £0.60m on-year and included a £34.6m impairment charge. Revenue roughly halved to £10.5m, down from £21.2m. IGas Energy said it was still expecting average net production for the year to be within the 1,850-to-2,050 barrels of oil equivalent per day range, with underlying cash operating costs of $34 per barrel. 'It has been an incredibly challenging period for the business and a worrying and difficult time for all our employees coping with the Covid-19 pandemic and with the collapse in commodity prices, continued market volatility and the uncertainty that persists,' chief executive Stephen Bowler said. 'It is testament to the resilience of our workforce that in spite of this, we have continued to achieve solid results in our production business, delivered the Scampton Waterflood project on budget and schedule and completed a significant transaction with the acquisition of the UK geothermal developer, GT Energy.' 'Our core conventional business is the driver of our future diversification and we will continue to exploit the potential that exists in our core assets and ensure we continue to invest to protect that business as oil prices improve.' 'We will also consider other new technologies that complement our existing business, as we move forward.' At 2:12pm: (LON:IGAS) Igas Energy PLC share price was -0.85p at 10.98p Story provided by

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