IGas chairman stands down

Oil and gas exploration firm IGas revealed on Friday that non-executive chairman Mike McTighe will step down from the role with immediate effect.

McTighe, who opted to leave the group for "personal reasons", will be replaced on an interim basis by Cuth McDowell, currently a senior independent non-executive director at IGas.

Chief executive Stephen Bowler said: "Mike helped steer IGas through a challenging refinancing and more recently through the successful reserve-based lending facility."

McTighe added: "I am saddened to have to step down at this time, but I leave the company in much better shape than when I first arrived and ready to seize the future opportunities open to it in the UK energy market as we transition to Net Zero in 2050, still requiring a significant contribution from gas in the mix."

As of 1105 BST, IGas shares were down 1.66% at 51.43p.