- IGas said it would be moving to the execution phase for a further waterflood project, at its existing producing field at Welton in the East Midlands.

Following the success of previous Welton waterflood projects, the technical team identified an additional opportunity in the south of the Welton Field in the Tupton & Deep Hard Rock Reservoirs, the company said.

'The project involves converting a suspended production well (WC01) to a water injector to increase reservoir sweep and increase field recovery by about 340 Mbbls (2C resource) with a peak incremental production rate of up to 120 bopd,' the company added.

The company's estimated mid-case project economics have an internal rate of return of over 100% and a net present value of about £7m.

At 9:57am: [LON:IGAS] Igas Energy PLC share price was 0p at 53.1p

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