THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
11 February 2020
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Competent Persons Report
IGas is pleased to announce the publication today of the full Competent Persons Report ("CPR") of its conventional oil and gas interests, as at 31 December 2019, as highlighted in its Trading Update released on 6 February 2020.
The CPR was completed by DeGolyer & MacNaughton ("D&M"), a leading international reserves and resources auditor.
Key highlights:
· IGas net reserves and resources* (MMboe):
|
|
1P |
2P |
2C |
|
As at 31 Dec 2018 |
9.78 |
14.56 |
19.20 |
|
As at 31 Dec 2019 |
10.55 |
16.05 |
19.60 |
· Significant 2P reserves replacement ~277% (1P ~192%)
· 2P NPV10 of $183 million*
*based on forward oil curve of 2020 $61.78/bbl; 2021 $58.39/bbl; 2022 $56.97/bbl; 2023 $56.54/bbl; 2024 $57.67/bbl
The full report can be found at https://www.igasplc.com/investors/publications-and-reports
Ross Pearson, Technical Director of IGas Energy plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement. Mr Pearson has 19 years oil and gas exploration and production experience.
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Julian Tedder, Chief Financial Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970
Sara Hale/Jeremy Ellis/Neil Coleman
BMO Capital Markets (Joint Corporate Broker) Tel: +44 (0)20 7653 4000
Tom Rider/Neil Elliot/Jeremy Low/Tom Hughes
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Communications Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Chris McMahon
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