Igas Energy accelerates move towards CBM production

23rd May 2011 17:13

The producer and marketer of primarily domestic coal bed methane sourced gas, IGas, has today published its results for the year ended on the past 31st of December 2010. For said period the company has informed investors of a slight decrease in its revenues, to £656,000, versus last year´s £828,000. The firm´s operating losses rose to £1,7m, from a 2009 loss of £504,000. The company´s actions during the past year seem to sit quite well with its stated aim of delivering commercial CBM production through an accelerated development programme. With that goal in mind, in 2010 the firm acquired Nexen Exploration UK so as to have complete control over its assets. IGas also issued new shares to raise £20.6m in financing. Other measures were taken, according to the company, so that during the next nine months IGas should be operational at five sites, while at the same time having, "more wells being drilled than in the previous four years". IGas Energy has licences to extract hydrocarbons across the north of Wales and the north of England, covering an area of 1,756 square kilometres, with more than 1.7 trillion cubic feet (Tcf) of technically recoverable gas (equivalent to 290 million barrels of oil) and with customers located conveniently close to its operations, which includes the national gas network.Shares of IGas closed today up by 0.35%, at 72p, in London trading. AB