Oil and gas company Igas Energy said measures undertaken to conserve cash including the shut-in of sites would hold back full-year production. The decision to temporarily shut-in a number of sites during May and June, would have a positive impact on the company's cash flow during the two months of about £500k, but reduce production by 600 barrels of oil per day for the period. The company said it would continue to monitor oil prices and its furlough scheme to see when production should be restarted. Igas also said it would be undertaking a further, in-depth review of its costs. 'Whilst this action demonstrates our focus on conserving cash it will have an impact on our production for the full year and once we have fully reviewed the shut-in production situation we will update the market with new guidance,' the company said.
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