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.
The shale company IGas has raised questions about its ability to operate as a going concern.
On Monday evening, North Yorkshire County Council’s planning committee voted by seven to four in favour of an application by Third Energy to frack its existing well at Kirby Misperton in Ryedale. We reported on the immediate reaction from supporters and opponents of the proposal. This round-up has […]