StockMarketWire.com - IGas Energy's production remains stable with guidance for the full year remaining between 2,500 - 2,700 boepd, according to an update issued ahead of today's annual general meeting.

Operating costs for 2016 are expected to be $30/boe and capital expenditure guidance of $10m for 2016.

Chief executive Stephen Bowler said: "The first few months of the year have been busy across the business. We continue to identify projects to enhance production and utilise our stranded gas. Progress continues against our five year shale development plan and, subject to planning and permitting, we expect to spud two carried wells in the first half of 2017. In parallel to the 3D seismic interpretation, we are progressing further applications that will seek consents to flow test shale wells.

"We were delighted that Third Energy were granted planning permission to hydraulically fracture their existing KM8 well and welcome the decision taken by North Yorkshire County Councillors in their careful consideration of the facts and the recognition that this established onshore industry can carry out its operations safely and environmentally responsibly. There is a pressing need to deliver lower carbon energy that is home grown, provides important energy security for the future alongside economic benefits to the local communities as well as the country as a whole.

"In this period of prolonged oil price volatility we remain focused on balance sheet strength, operating efficiencies and preserving cash, whilst continuing to deliver value adding activity."






At 8:04am: [LON:IGAS] Igas Energy PLC share price was +0.25p at 19.25p



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