The first of eight new horizontal wells to exploit the West Newton gasfield in East Yorkshire could be drilled within months, it was revealed today.
IGas saw revenue drop by nearly half last year following production cuts and a falling oil price during the Covid-19 pandemic.
IGas declared a pre-tax loss of £59.1m for 2019 in its group annual results published today. This was up from £25.1m in 2018.
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.