IGas has confirmed it has relinquished the Tinker Lane shale gas licence in Nottinghamshire and written off £10m in exploration costs. But the company said it was continuing to work with regulators and government to end the moratorium on fracking in England.
The would-be fracking company, IGas, has announced an agreement with CeraPhi Energy to develop geothermal energy projects using existing oil and gas wells.
IGas saw revenue drop by nearly half last year following production cuts and a falling oil price during the Covid-19 pandemic.
The oil and gas producer, IGas, has said it is looking forward to making a “material contribution” to the green energy revolution.
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.
Redundant oil and gas wells could be used for geothermal energy, the would-be fracking company, IGas, said in an announcement this morning.
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.
IGas has announced redundancies, including the chief finance officer, in a £1m cost-cutting programme.
IGas declared a profit of £15.5m in 2017, after two previous years of loss.
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.