- Igas swung to a £15.5m net profit for the year to end of December, compared with a loss of £32.9m the previous year as revenue increased to £35.8m from £30.5m amid an increase in oil prices.

Performance was also supported by a tax credit of £19.1m mainly due to the recognition of a deferred tax asset relating to ring-fence tax losses.

Adjusted EBITDA was £9.2m down from £10.2m.

Net production averaged 2,335 boepd for the year while operating costs for the year were $28.2 per boe, down from $28.8 per boe.

Igas said it expects net production of between 2,300 - 2,400 boepd in 2018 and operating expenditure of $32.5 per boe.

Igas reported 1P reserves of 9.02mmboe at the end of December, up from 8.1mmboe, 2P reserves was 13.37mmboe down from 13.64mmboe while 2C reserves fell to 21.84mmboe from 22.21mmboe.

The firm said site construction continued at both its sites in North Nottinghamshire, Springs Road and Tinker Lane, and is on track to spud the first well mid-2018.

Stephen Bowler, Chief Executive Officer, said: e have sanctioned a number of projects, including Albury and Stockbridge, and would expect to see the benefits of these projects during the latter part of 2018.

'In the North West we are progressing our application at Ince Marshes and advancing further applications. It is our intention to appeal the decision of Cheshire West and Chester Council's Planning Committee of 25 January 2018 to refuse planning consent for our application to test the Pentre Chert formation at Ellesmere Port.'

At 8:40am: [LON:IGAS] Igas Energy PLC share price was -2.3p at 74.7p

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