StockMarketWire.com - IGas Energy posts a pre-tax loss of £18.5m for the year to the end of March compared with profit of £2.3m last time. Revenues fell to £58.2m from £75.9m and EBITDA dropped to £21.6m from £34.2m.

Production in the year was 999,003 barrels of oil equivalent (2014: 1,015,866 boe), representing an average of 2,737 boe per day (2014: 2,783 boepd).

Chief executive Stephen Bowler said: "Over the next twelve months we anticipate acquiring further seismic data, securing new sites and submitting several planning applications for exploration wells and flow tests. We will also drill further exploration/appraisal wells including at our site in the East Midlands and anticipate this will start in H1 2016.

"Having implemented cost savings across the business, and following the completion of the farm-out to INEOS in May, with £46.4m of cash on the balance sheet as 31 May 2015, and up to $285m available from our partners for a gross carried work programme, the Group is well placed to deliver against its strategy."

Non-executive chairman Francis Gugen said: "The last year has been a turbulent one for the industry with the oil price dropping from a peak of US$115/bbl in mid-2014 to approximately US$55/bbl at our financial year end.

We responded to this changing oil price environment by taking the tough, but necessary, measures to reduce the costs of running our business, without compromising the safety, commitment to the environment or performance of our operations. These measures will reduce our net operating costs and S,G&A charges to below US$40/bbl for the year to 31 March 2016, excluding reorganisation costs.

"The year has also been marked by two significant transactions, the acquisition of Dart and the announcement of the farm-out agreement with chemicals giant INEOS. Through these transactions - which further underscore the quality and significant potential of our licences - we have increased our acreage in key basins, strengthened our balance sheet and boosted the total gross funds available, to exploit our shale acreage, from farm-in partners to up to US$285m.

"Despite the oil price fall, this year's achievements mean that IGas is now better positioned to deliver value through the discovery and development of hydrocarbons onshore in Britain, particularly from shale, and to do so in a safe, secure and environmentally and socially responsible manner.

"Corporate responsibility is at the core of our business and is based on building respect, fostering relationships and acting responsibly. During the year we have continued to invest in this key area of the business and strive for continuous improvement in listening and sharing information and knowledge about our industry, whilst continuing to innovate." Story provided by StockMarketWire.com