IGas is pleased to confirm it has completed its scheduled six-monthly RBL facility redetermination process.
The redetermination exercise confirms $22 million (£18.1 million) of debt capacity.
Cash balances as at 29 July 2022, were £2.4 million with net debt of £8.2 million.
A total of 95,000 bbls are currently hedged in 2022 using swaps at an average price of $77/bbl and 55,000 bbls using puts with an average guaranteed minimum price, net of premiums, of $44/bbl. We have also hedged 60,000 bbls for H1 2023 using swaps at an average price of $95/bbl.
Commenting, CEO Stephen Bowler, said
” Higher commodity prices continue to drive strong operating cash flow generation giving us financial flexibility. Since year-end, we have repaid c.£4 million of debt .”
In addition, IGas expects to announce its results for the six months to 30 June 2022 on 15 September 2022.
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Ann-marie Wilkinson, Director of Corporate Affairs
