StockMarketWire.com - Igas swung to a first-half loss Wednesday as a stronger a pound and bets on oil price movements went against the company, weighing on overall performance.

For the six months ended 30 June 2018, the company reported a pre-tax loss of £1.2m, compared with a profit of £8.0m a year earlier, while revenue rose to £21.1m from £16.6m.

Revenues were boosted by rising oil prices but this was partly offset by the strengthening of sterling versus the US dollar and lower volumes, the company said.

Losses were exacerbated by a loss on oil price derivatives of £3.5m, compared with a gain of £1.0m the previous year, owing to the movement in realised Brent prices and in the forward oil price curve, the company said.

Net production averaged about 2,300 barres of oil a day, down from 2,335 boepd a year earlier.


At 10:03am: [LON:IGAS] Igas Energy PLC share price was +2.35p at 100.35p



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