Source - SMW
IGas Energy posts an after-tax loss of £25.2m for the six months to the end of June compared with £19.3m last time.

Revenues fell to £12.1m from £17.6m and adjusted EBITDA totalled £5.1m compared with £7.4m last time.

Chief executive Stephen Bowler said: "We are pleased to report today the results of an independent expert's opinion, carried out by D&M, stating shale gas risked prospective resources of 2.5Tcf (c.440 MMboe) alongside an increase in proven and probable reserves to 13.8 MMboe. 

"The cost saving initiatives we put in place are continuing to benefit our operational cash flows and production rates are also improving since the period end, currently c.2,600 boepd.

"We acknowledge the challenges that our current capital structure presents and are engaged with our bondholders and potential strategic investors to right-size our balance sheet in light of the current oil price environment.

"There is potential material upside in our assets and the next few weeks will see important newsflow for the UK shale industry with the upcoming decision from Government on the appeals by Cuadrilla and the determination of our Springs Road planning application."

At 9:30am: (LON:IGAS) Igas Energy PLC share price was -1.5p at 12.25p

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