Source - SMW
IGas Energy is looking forward to an exciting second half with a strong balance sheet enabling it to capitalise on value accretive opportunities, shareholders at the annual general meeting today will be told.

In an update issued ahead of the meeting, chief executive Stephen Bowler said: "We are delighted to have completed the fund raising and refinancing in the period whilst also moving forward our operational plans.

"There continues to be volatility in the commodity and foreign currency markets and we are keeping our costs under constant review.  

"Importantly, following the refinancing, we are cash generative at current oil prices and have a low level of debt in the business.

"We continue to move our shale work programme forward, with three wells having received formal planning approval in North Nottinghamshire. 

"We see further momentum building across the wider UK shale industry as Cuadrilla and Third Energy move closer to drilling their wells and INEOS has begun to submit planning applications and shoot seismic across its licensed acreage. 

"This additional data will help us and the wider industry to further understand the Shale prospectivity in these basins.

"We look forward to an exciting second half of the year, with a strong balance sheet enabling us to capitalise on value accretive opportunities and rebuild shareholder value."