- Igas Energy left it guidance on output unchanged as production was in line with budget during the first four months of the year.

The company averaged 2,398 barres of oil equivalent (boepd) for the first four months of the year, which was in line with budget.

Net production for the year was still anticipated to be in the range of about 2,200 - 2,400 boepd for the full year and operating expenditure of $32.5 per boe, the company said.

The company said it continued to progress projects in its core conventional business which included additional gas monetisation and water injection, some ahead of schedule, and would make further announcements in the coming weeks as they move through final investment decision.

'At these oil prices, the conventional business alone provides significant value for shareholders, with a 2P NPV10 of c.140 pence per share based on long term oil prices of c.$70/bbl inflated and are generating good operating cash flows,' said Stephen Bowler, Chief Executive.

'Our exploration projects at Tinker Lane and Springs Road have both been successfully and sensitively completed and provide significant upside to our conventional business. The cores we recovered at Springs Road were of a high quality and we look forward in anticipation to receiving the results next month.'

At 9:58am: [LON:IGAS] Igas Energy PLC share price was +1.8p at 60.8p

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