RNS Number : 9697T
Igas Energy PLC
20 November 2019


20 November 2019

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")


Financing Update

IGas announces that it has now completed the repayment of its Secured Bonds at par value (100%) plus accrued interest through the drawdown of $25 million from the recently announced Reserve-Based Lending Facility ("RBL") with BMO Capital Markets. Accordingly, this transaction has no impact on net debt, which was £5.3 million as at 31 October 2019. The RBL has a five-year term, an interest rate of LIBOR plus 4.0% and matures in September 2024. 

Net production for the year to 31 December 2019 remains on track and at the top end of the range previously guided, between 2,200 - 2,400 boepd, with operating costs still anticipated to be $31/boe.  Assuming current exchange rate levels the company will generate c. £15 million of free operating cash flow in 2019 from the conventional business before administrative expenses, capital investment and finance costs.

Stephen Bowler, IGas CEO, said:

"It is very pleasing to announce the completion of the refinancing, which brings with it greater available capital to grow our conventional business, alongside a reduction of financing costs of c. $1 million on an annualised basis. "


For further information please contact:

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

Stephen Bowler, Chief Executive Officer

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Director of Corporate Affairs


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

Sara Hale/Jeremy Ellis/Neil Coleman


BMO Capital Markets (Joint Corporate Broker)                                          Tel: +44 (0)20 7653 4000

Tom Rider/Neil Elliot/Jeremy Low/Tom Hughes


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

Henry Fitzgerald-O'Connor/James Asensio


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

Patrick d'Ancona/Chris McMahon 


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