IGAS Igas Energy Plc

TIDMIGAS

RNS Number : 5290U

Igas Energy PLC

02 August 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

2 August 2022

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

Reserves Based Lending (RBL) redetermination completed and Notice of Interim Results

IGas is pleased to confirm it has completed its scheduled six-monthly RBL facility redetermination process.

The redetermination exercise confirms $22 million (GBP18.1 million) of debt capacity.

Cash balances as at 29 July 2022, were GBP2.4 million with net debt of GBP8.2 million.

A total of 95,000 bbls are currently hedged in 2022 using swaps at an average price of $77/bbl and 55,000 bbls using puts with an average guaranteed minimum price, net of premiums, of $44/bbl. We have also hedged 60,000 bbls for H1 2023 using swaps at an average price of $95/bbl.

Commenting, CEO Stephen Bowler, said

" Higher commodity prices continue to drive strong operating cash flow generation giving us financial flexibility. Since year-end, we have repaid c.GBP4 million of debt ."

In addition, IGas expects to announce its results for the six months to 30 June 2022 on 15 September 2022.

For further information please contact:

   IGas Energy plc                  Tel: +44 (0)20 7993 9899 

Stephen Bowler, Chief Executive Officer

Ann-marie Wilkinson, Director of Corporate Affairs

Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970

Sara Hale/Virginia Bull/Jeremy Ellis

Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor/James Asensio

   Vigo Consulting                Tel: +44 (0)20 7390 0230 

Patrick d'Ancona/Finlay Thomson/Kendall Hill

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