Competent Persons Report

RNS Number : 5457C

Igas Energy PLC

11 February 2020

 

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: [phone]

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: [phone]

Sara Hale/Jeremy Ellis/Neil Coleman

BMO Capital Markets (Joint Corporate Broker) Tel: [phone]

Tom Rider/Neil Elliot/Jeremy Low/Tom Hughes

Canaccord Genuity (Joint Corporate Broker) Tel: [phone]

Henry Fitzgerald-O'Connor/James Asensio

Vigo Communications   Tel: [phone]

Patrick d'Ancona/Chris McMahon 

 

END

 

 

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