StockMarketWire.com - IGas Energy posts an after-tax loss of £19.3m for the six months to the end of September - up from £3.8m a year ago.

Revenues fell to £17.6m from £34.5m and adjusted earnings before interest, tax, depreciation and amortisation fell to £7.4m from £14.8m.

Chief executive Stephen Bowler said: "Whilst it has been a challenging period with a further weakening of the oil price, the Group has continued to make good progress across its asset base. We completed the farm-out to INEOS in May 2015, receiving £30m in cash and have a gross carried work programme of up to $285 million across our shale assets, with our partners Total, GdF and INEOS.

"We are delivering on our 5 year development plan, with the completion of the acquisition of 110km2 of 3D seismic in the North West, on time and on budget, and submission of the application to drill two wells in North Nottinghamshire. We are in the process of identifying a number of sites for further shale appraisal drilling and hydraulic fracturing of wells to determine flow rates and assess commerciality.

"We remain focused on maintaining flexibility for the business in the current oil price environment and to deliver against our strategy."




At 9:17am: [LON:IGAS] Igas Energy PLC share price was 0p at 17p



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