StockMarketWire.com - Igas, producer and explorer of hydrocarbons reported a sharp uptick in annual losses as production fell and operating costs inched higher.

For 2018, pre-tax losses widened to £25.1m from £3.3m a year earlier, while revenues increased to £42.9m from £35.8m.

Group production for the year fell to 2,258 boepd from 2,335 boepd impacted by the shut-in of a water injection well at our Stockbridge field in August 2018, the company said.

The company said 2P reserves replacement of rose more than 200% to 14.6 MMboe in 2018 from a year earlier.

Operating costs per barrel of oil equivalent rose to £23.6 from $28.2 per boe a year earlier, which the company blamed on higher production and transportation costs and lower volumes.

'As shown by the 200% reserves replacement in 2018 there is still significant upside in our conventional portfolio and we look forward to bringing projects to final investment decision over the coming months,' said Stephen Bowler, Chief Executive Officer.


At 10:02am: [LON:IGAS] Igas Energy PLC share price was +1.5p at 75.5p



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