IGas Announces Annual General Meeting ("AGM") Statement and Board Change

Source: www.gulfoilandgas.com 5/13/2021, Location: Europe

IGas provides the following statement in advance of the Company's AGM, which is being held at 10.30am today.

Cuth McDowell, Interim Non-executive Chairman said:
"The ongoing challenges of COVID-19 mean that unfortunately, I am again unable to address our AGM as an open-door meeting but look forward to some measure of normality returning for next year.

In a year of unprecedented disruption caused by the ongoing pandemic and associated lockdowns, much has been achieved thanks to the professionalism and hard work of the IGas teams and our partners and suppliers. While the rollout of vaccines is a welcome sign of a return to some semblance of normality, our sympathies are with anyone who is suffering and who may have lost family or friends during the crisis. The health and wellbeing of our staff remain the Company's overriding priority, while ensuring that the business continues to operate safely and effectively.

Reflecting on our 2020 results, despite highly challenging circumstances, the Company has continued to make progress in a number of key areas and to develop its business strategies. We delivered production within our revised guidance, brought our waterflood projects online and completed the pivotal acquisition of GT Energy, the UK developer of geothermal energy.

Current Trading
We continue to anticipate net production of between 2,150-2,350 boepd for 2021. As at 30 April 2021, cash balances were £2.4 million and net debt was £12.8million. As at 4 May 2021, the Group had hedged a total of 270,400 bbls for the remainder of 2021 at an average floor rate of US$44/bbl and 60,000 bbls for the first quarter of 2022 at an average rate of US$60/bbl.

Geothermal business gathers pace; new industry report published
Whilst we await planning approval for the Stoke-on-Trent project, we are making progress on securing specific sites at high potential locations as part of our development pipeline and look forward to providing further updates.

We continue to have positive discussions with Government regarding future financial support for our geothermal projects.

A new industry report on the economic and environmental importance of UK deep geothermal resource by the ARUP Group and the Association for Renewable Energy and Clean Technology (REA) is published today. The Report estimates that, with immediate government support, the UK could deliver 360 geothermal projects by 2050. This would include an estimated 12 projects being operational by 2025 with 1,300 jobs created and c.£100 million of investment flowing into the UK economy.

The Committee on Climate Change stated that only decarbonisation of heat in the UK could deliver the major reduction in emissions needed to meet the 2050 net zero target. By delivering on average 12 heat projects per year over the next three decades, the UK could expect to generate up to 15,000 GW hours (GWh) of heat from geothermal, annually by 2050.

A virtual launch event, hosted by the REA and Dr Kieran Mullan, MP for Crewe and Nantwich will be held at 10am on 19th May 2021. To register for the launch event click here: Deep Geothermal Report Launch - REA (r-e-a.net).

Board Change
IGas has received notice of intention to resign from Hans Årstad, Non-executive Director, from the board of directors of the Company with effect from the conclusion of the AGM. Hans leaves with our thanks for his contribution.

As I remarked in our Annual Report, we will remain firmly focused on cost and capital discipline whilst building our business for the future. We will continue to invest in our existing assets where appropriate, to realise future benefits and are moving ahead purposefully with our geothermal and hydrogen projects."

Ross Pearson, Technical Director of IGas Energy plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement. Mr Pearson has 20 years' oil and gas exploration and production experience.

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