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IGas sees higher production in 2021 as new projects come on line
StockMarketWire.com
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Oil and gas company IGas said it expected to increased annual production in 2021 as new projects were now on line.
For 2021, the company anticipated net production of between 2,150 to 2,350 boepd and operating costs of c.$32/boe after production in 2020 averaged 1,907 boepd for the year, within guidance, while operating costs for the year were about $33/boe.
The Welton and Scampton waterflood projects were now on line and in the commissioning stage, with both projects completed within budget and production uplift expected to be realised during 2021, the company said.
The company expected an incremental production rate of 100 bbls/d for Scampton and 120 bbls/d anticipated for Welton.
'The completion of these two projects has converted 840 Mboe of 2P reserves from undeveloped to developed [as per DeGolyer & MacNaughton report in 2020],' it added
At 9:10am: (LON:IGAS) Igas Energy PLC share price was 0p at 12.2p
Story provided by StockMarketWire.com
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