Trading update powers up IGas shares

AIM-listed exploration business IGas (LON:IGAS) saw its share price surge 8.90% to 15.30p (as of 15:00 GMT) after posting a trading update. The company said that it was on track to align with the Government’s white paper guidelines after taking steps to move in to renewables including the acquisition of GT Energy.

CEO Stephen Bowler commented: “In spite of the continued pressures on the business, as a result of COVID-19, average net production for the year to 31 December 2020 is within the 1,850 – 2,050 boepd range.

“Having completed a review of IGas’s assets, I am excited about the various energy transition opportunities that we have identified. Our partnership with BayoTech will allow us to advance hydrogen production opportunities, increasing the value of the gas we produce whilst pioneering the use of small scale steam methane reformation equipment in the UK. Our land portfolio is well suited to the development of renewable and hybrid flexible power generation and our assets have the potential for carbon storage at scale in locations close to emitters.

“[…] We look forward to advancing these and other opportunities which will allow IGas to make material contributions to the Green Energy Revolution.“