IGAS 1/2 yearly results. I didn't see any nasty surprises. Hedging has helped. Limited DTE info as during the period as the companies were separate. Oil production looks to remain flat for the rest of the year. I don't have much else to add. To be honest I don't bother to follow IGAS as much as I did dart.
Highlights. · Average net production of 2,766 boepd (2013: 2,704 boepd) · Ellesmere Port exploration well spudded on 15 November and we continue drilling · Successful completion of Dart Energy acquisition on 16 October - integration on track o Group now has approximately 1 million net acres under licence · IGas now operates on behalf of Total E&P UK Limited ("Total"), GDF SUEZ E&P UK Ltd ("GDF") and INEOS Upstream Ltd ("INEOS") · Barton Moss well results support reservoir model and help refine appraisal programme · Updated estimates of GIIP at 148 tcf mid case · Applications made in 14th Onshore Licensing Round
Financial Highlights · Revenue of £34.5 million (2013: £36.2 million), impacted by forex · Gross profit of £12.5 million (2013: £16.4 million) · Adjusted EBITDA1 of £14.8 million (2013: £17.3 million) · Underlying profit before tax2 of £1.1 million (2013: £6.1 million) · Net back to IGas, on a pre SG&A basis, averaged US$66.2 per barrel (2013: US$70.3 per barrel) · Cash and cash equivalents at period end of £29.1 million (2013: £15.4 million) · Net debt of £80.8 million (31 March 2014: £80.4 million) · Hedging arrangements contracted to 30 September 2015 for 517,000 barrels of oil, at a blended rate of US$87.7 per barrel
As a side note NHC in their quarter report released today said they do hold 5% of IGAS... I still wonder where the RNS is...
My stock certificate is still in progress being converted to electronic form. I sent it off 3 weeks ago now.
DTE Price at posting:
13.0¢ Sentiment: None Disclosure: Held
