The shale gas company, IGas, said today it could drill 80 wells by this time next year, with the “right government support”. Photo: Eric WaltonIGas also said fracking in its core shale gas area in the East Midlands had “a significantly lower chance” of causing earthquakes than Lancashire. Initial production from the sites could supply three million homes, the company said. IGas currently has no shale gas sites with planning permission for drilling, testing or fracking. Key figures for six months to 30 June 2022Revenue: £30.5m (same period 2021 £16.6m)Oil sales in value: £27,343,000 (same period 2021 £15,284,000)Oil sales in volume: 316,171 barrels (same period 2021 330,984)Gas sales in value: £1,719,000 (same period 2021 £740,000)Gas sales in volume: 938,203 therms (same period 2021 1,247,946 therms)Earnings before interest, taxes, depreciation, and amortization: £10.7m (same period 2021 £2.7m)Profit: £19.4m (same period 2021 loss of £12.2m)Operating cash flow: £16.4m (same period 2021 £6.4m)Net debt: £9.7m (same period 2021 £13.2m)Cash and cash equivalents: £2.7m (same period 2021 £2.8m)Estimated energy profits levy: £0.2mNet production: 1,865 barrels of oil equivalent per day (boepd) (same period 2021 2,005 boepd)Estimated underlying cash operating costs per barrel of oil: $40.4/boeTax credit: £13.2m (same period 2021 £1.9m)Investment in assets: £10.6m(same period 2021 £3.7m)Debt repayment: £4.6m (same period 2021 £1.4m)Total assets: £186,895,000 (same period 2021 £161,819,000)Total liabilities: £98,373,000 (same period 2021 £61,905,000IGas also announced today that its chief executive, Stephen Bowler, was leaving the company immediately.

Source: The Guardian September 15, 2022 16:43 UTC