Revenues for IGas Energy (IGAS) rose on the back of an encouraging 11 per-cent increase in full-year production. Average net production for the year ending in March came in at 2,783 barrels of oil equivalent per day (boepd), against 2,470 boepd in the previous year. The UK driller also swung into profit at the pre-tax level, having lost £6m in 2013, thanks to a halving of net finance costs.
The cost of sales increased by a quarter during the year to £47.9m, though this was commensurate with the company’s expansion. During the period, IGas successfully brought in France's Total as a 40 per cent partner in two licences, covering 240 square kilometers of Nottinghamshire and South Yorkshire, in return for a work programme of up to $46.5m (£27.4m).