IGas Energy says positioned strongly after financial restructuring

Shares in IGas Energy are up almost 3% after the company said it is is positioned strongly for the future after successfully completing its financial restructuring.

"We have a healthy balance sheet, supported by operating cashflow from our production assets, which will enable us to focus on delivering the significant potential of both our production and development assets and provide a solid foundation for the longer-term future of the company," said CEO Stephen Bowler.

IGas looked forward to the next 12 months with confidence as both it and the wider industry started to drill and hydraulically fracture shale gas appraisal wells and collect important data for the future development of the UK shale industry.

It posted a loss of £32.9m for the year to 31 December, 2016, from a loss of £44.8m in the nine months to 31 December, 2015. Revenue for the 12-month period was £30.5m, and for the preceding nine-month period it was £25.1m.

Meanwhile, IGas said chairman Francis Gugen would retire following the AGM in June, with successor Mike McTighe, currently deputy chairman, being appointed from the AGM's conclusion.

Senior independent non-executive director John Bryant would also retire at the end of the AGM. Two directors from Kerogen Capital -- Philip Jackson and Tushar Kumar -- would join the board as non-executive directors with immediate effect.

At 10:54 BST, shares in AIM-quoted IGas were up 2.43% to 4.63p each.