Drilling for gas near a Surrey village will be funded by another company, the operator has announced.
UK Oil & Gas chief executive Stephen Sanderson bought 985,221 shares in the company this month, at a price of 0.1015p per share, the company has confirmed.
Angus Energy reports it has raised £1.5m in a placing of 150 million ordinary shares.
IGas blamed the Covid-19 outbreak and a low oil price for falls in production and revenue, along with a rise in debt, in the first half of the year.
The exploration and production company, IGas, said today it was reviewing its capital spending plans with the increase in the oil price.
The company behind oil drilling at Horse Hill in Surrey said this morning it had taken a licence stake in south east Turkey in the hope of “rapid monetisation” of reserves.
Shares in Angus Energy rose this morning as the company announced it had taken out a £1.4m loan with a property company.
Losses in IGas more than doubled in 2019 to more than £50m as the company turned its back on shale exploration in north west England, annual accounts have revealed.
The private equity company, Kerogen Capital, is proposing to invest US$35m in IGas, it was announced this morning. The deal depends on a restructuring of IGas’s bonds and may require approval from the Takeover Panel.
Guest post by Nick Grealy As shale companies prepare to explore for gas in the East Midlands, North Yorkshire and Lancashire, would-be operator Nick Grealy says there’s a whiff of hypocrisy about why London – and other cities in the south – have been left out of the […]