Share Name Share Symbol Market Type Share ISIN Share Description
Igas Energy LSE:IGAS London Ordinary Share GB00B29PWM59 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 12.25p 11.50p 12.50p - - - 97,409.00 10:00:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 25.1 -64.5 -15.2 - 36.73

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Date Time Title Posts
15/11/201618:09IGAS ENERGY - UK Onshore Oil Producer with Huge Shale Gas Discovery (Moderated)6,854.00
15/11/201616:45IGAS. Unlocking Britain’s Onshore Energy Potential825.00
07/12/201409:14RE: 95 bids 14th round onshore21.00
20/11/201419:15VERY POSTIVES ONLY IGAS THREAD 201526.00
20/11/201408:01I Gas Set to Free Fall???16.00

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Igas Energy (IGAS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
09:49:5511.451,180135.11O
09:19:0811.6521,1852,468.05O
09:15:5311.6940,8874,778.67O
09:03:2411.6950559.02O
08:35:4211.7513,0381,531.97O
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Igas Energy (IGAS) Top Chat Posts

DateSubject
06/12/2016
08:20
Igas Energy Daily Update: Igas Energy is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker IGAS. The last closing price for Igas Energy was 12.25p.
Igas Energy has a 4 week average price of 11.98p and a 12 week average price of 12.39p.
The 1 year high share price is 24p while the 1 year low share price is currently 0p.
There are currently 299,823,664 shares in issue and the average daily traded volume is 351,600 shares. The market capitalisation of Igas Energy is £36,728,398.84.
03/10/2016
08:35
wiseacre: Igas – dire interims, bondholders take box seat as covenant breach looms By Nigel Somerville, the Deputy Sheriff of AIM | Friday 30 September 2016 Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. Rarely does one find good news in results which are released at the last minute, and in the case of Igas the recent record of fairly prompt reporting suggested that leaving the interims to deadline day would be a bad omen. This morning’s numbers and, more to the point, update on the bond situation reads badly – for all the positive spin applied. The numbers aren’t good, a bond covenant breach is expected in the second half of next month and then there is the question of how long it may be before the cash simply runs out. To the numbers first, where we see a loss of £25 million, or 8.45p per share. Grim. On the balance sheet we note £27 million of cash and equivalents but net current assets were just £23.6 million – a drop of some £12.5 million over the period and we might also note an increase in non-current borrowings on the balance sheet of £7.6 million since the end of 2015. The cashflow statement shows a net decrease in cash of £4.2 million, before forex differences brought that down to £1.6 million, but this is all rather flattered by a £6.6 million drop in receivables since the end of 2015 (down from £14.8 million). It is good to see the company making an effort to chase up its receivables but I can’t see that being repeated on quite the same scale during H2. But for that, the cash-burn would have been more like £8.2 million in six months and since year-end the company had a coupon payment on its bonds to meet (call that around £5 million). Having previously thought that the company was heading for a cash-crunch around April/May next year, today’s numbers suggest that the cashburn has slowed – but with an extra £7.6 million turning up in the long-term borrowings the position looks flattered, as is reflected in the net debt position reported of £83.5 million, up by £19.5 million (32%) since at Sept 2015 (just nine months previously). That’s just over £2 million a month going to money heaven. But we are also told that cash balances as at 27 Sept of this year, after the payment of interest and amortisation on those bonds, sat at twenty-seven million. So the company has stopped burning cash all of a sudden? Er, no. The balance as at Sept was in dollars, the balance sheet is in pounds sterling. So in fact (taking £1 = $1.30) cash as at Tuesday of this week was down to £21 million – a drop of about £6 million since period end. And we don’t know the current state of payables/receivables, nor the current net debt position. Talking of debt problems, we come to those pesky bonds. We are told that the company is expecting to breach a daily liquidity covenant in the second half of October – call that three weeks away. We are also told that the daily liquidity requirement is $25.9 million – so the company had, as at last Tuesday, just $1.7 million or room for manoeuvre. Yikes. We are further told that the company expects to breach leverage covenants at year-end (now just three months away). The noose is tightening. The company says it is in active discussions with a number of key bondholders, including the mystery bondholder which acquired a large holding via a Dutch Auction. The party is not named, but we are told that its holding is about 34% - a blocking minority should anything need a bondholder vote…. ….such as a capital restructuring, which we are told is the aim of the bondholder talks – with the comment that the aim would be to create a sustainable capital structure. IE the current one is not. The company says it may look to sell off some assets so as to alleviate its liquidity position – including the potential sale of some bonds held in treasury. Hey-ho, let’s solve a debt problem with more debt! Better still, why not sell off the producing assets so the income is reduced. Igas is caught between a rock and a hard place. Of course, the company says that discussions have been constructive and indicate that a consensual deal is possible - but not a certainty. The Board believes a consensual solution is in everybody’s best interests – but do the bondholders? Do the bondholders care about the shareholders? Of course they don’t! Igas is about to go into a bond covenant breach within days. That could see the bondholders calling a default and Igas has no way in which to repay the outstanding debt if that happens, unless it can raise $86 million (plus a bit) by selling assets. I would suggest that this might be quite an ask in the current oil price environment, especially if shareholders think that there might be anything left over for them. Thus the risk is a debt-for-equity deal in which shareholders are diluted to oblivion (see Gulf Keystone, GKP) or the bondholders help themselves to the assets (see Petroceltic, PCI). Most likely, in my view, will be some kind of hybrid deal involving some D4E, some rescheduling of debt maturity, some fundraising (at a hefty discount, natch) and perhaps some asset sales. Whether the bondholders will accept that is another matter, and whether it will actually be enough to turn around the balance sheet woes of the company will remain to be seen. In the end, we could see a partial deal which only kicks the can down the road for a while before they all have to gather round the table once again at a later date. My guess is that the board will want a once-and-for-all deal. After all, this is the board which inherited a train-wrecked balance sheet from previous head honcho Andrew “piggy” Austin. They can blame him. A partial deal which fails will leave the current incumbents on the receiving end of the wagging fingers of blame. The problem is that the secured bonds are due for repayment in 18 months’ time. The longer the bondholders are in talks, the stronger their position gets. As it is, today’s interims get an audit emphasis of matter regarding the company’s status as a going concern. Not only are we warned that there is a material uncertainty about the company’s ability to continue as a going concern – and that the balance sheet does not show the adjustments that would result if the event of the company being unable to pay its bills. In six months’ time those secured bonds become a current liability. If the full year results come early then the covenant test (and breach) becomes apparent all the sooner. If the numbers are delayed then the secured bonds will become a current liability when the auditor considers a going concern statement. In short, it is all bad. The company is haemorrhaging money, racking up ever more debt and the bondholders hold all the cards. With a covenant breach now imminent, the question is more one of how the bondholders see their best chance of getting their pound of flesh. They want their cash and they won’t care about shareholder. If it suits the bondholders, there may be a few crumbs left for shareholders, but I rather fear it really will be crumbs. As for the assets, my guess is that they are probably pretty good, and about to get better. The bondholders will be delighted….. Igas remains a slam-dunk sell. The risk is of a zero for shareholders. The best outcome that I can see is being diluted to oblivion at well under the current share price. - See more at: http://www.shareprophets.com/views/24142/igas-dire-interims-bondholders-take-box-seat-as-covenant-breach-looms#sthash.u665dSqy.dpuf
05/8/2016
16:03
hpcg: Seriously? The reason the share price is volatile is the market cap is under 50 million. At that size relatively small action, and small investors can move the price. The share price could easily get back to 20, but struggle there after. Long term debt is 100mm and other liabilities (not including the tax liability) is another 25 million (FY 2015). The debt is trading at a discount and if, basically when, covenants fail the debt holders can foreclose. Whomever has been buying the debt probably want to take it private so couldn't give a monkeys about equity. Cash flow is negative. Interest and SG&A come to 12mm or half revenue. The EV is about twice the NAV, which is ever reducing through depletion. Oil price is going nowhere for 6 months, but the strip beyond then is just as bad. Plus the going concern statement. These are just, you know, in the accounts and reports. There is good money to be made on the journey trading in both directions, but lets not be under any illusion as to the final destination.
17/12/2015
11:20
ibug: IGAS Energy PLC 150% Potential Upside Indicated by Canaccord Genuity Posted by: Ruth Bannister 17th December 2015 IGAS Energy PLC using EPIC/TICKER code LON:IGAS has had its stock rating noted as ‘Reiterates217; with the recommendation being set at ‘SPECULATIVE BUY’ this morning by analysts at Canaccord Genuity. IGAS Energy PLC are listed in the Oil & Gas sector within AIM. Canaccord Genuity have set their target price at 55 GBX on its stock. This now indicates the analyst believes there is a possible upside of 150% from today’s opening price of 22 GBX. Over the last 30 and 90 trading days the company share price has increased 2.25 points and decreased 8 points respectively. www.directorstalkinterviews.com/igas-energy-plc-150-potential-upside-indicated-by-canaccord-genuity/412687564
16/12/2015
13:31
ibug: Shares in IGAS Energy (LSE: IGAS) have soared by as much as 50% today despite there being no news releases made by the company. The shale gas specialist's share price has been relatively volatile of late, following the release of its half-year results. Although they showed a widening of its losses versus the comparable period from last year, there were major impairments of goodwill and assets which, while having the potential to continue in an oil price environment, mean that the headline financial numbers do not fully reflect the progress being made by the company. Looking ahead to 2016, IGAS Energy is upbeat regarding the prospects for shale gas. The company is delivering on its five-year plan and, with a relatively high cash balance, appears to have the financial resources through which to become a profitable entity in the long run.
10/3/2015
08:10
stats11: RNS Number : 9959G Igas Energy PLC 10 March 2015 10 March 2015 IGas Energy plc ("IGas" or the "Company" or the "Group") UK Shale Farm out Agreement with INEOS Upstream Limited ("INEOS") IGas Energy plc (AIM:IGAS) is pleased to announce it has signed a Farm out and Purchase Agreement ("FOPA") with INEOS. On completion of the transaction, INEOS will acquire an interest in certain licences in the North West and East Midlands and the Group's participating interest in the acreage held under PEDL 133 in Scotland. The consideration for IGas' participating interests comprises GBP30 million cash payable to IGas on completion and a funded forward work programme of up to GBP138 million gross, of which IGas' share to be funded fully by INEOS, is expected to amount to approximately GBP65 million. Highlights: -- In the North West, INEOS will acquire a 50% interest in IGas' licences: PEDL, 147, 184, 189, and 190, and a 60% interest in IGas' licences: PEDL 145, 193 and EXL 273 (collectively, the "Bowland Licences"); -- In the East Midlands, INEOS has the option to acquire 20% in PEDL 012 and 200 -- In Scotland, INEOS will acquire IGas' entire working interest in the acreage held under PEDL 133 in the Midland Basin and assume operatorship; -- At completion INEOS will pay IGas a cash sum of GBP30 million; -- INEOS to fund a two phase carried work programme of up to GBP138 million of which IGas' share of the gross carry is expected to be approximately GBP65 million. Upon commencement of commercial production from the Bowland Licences, IGas would be obligated to pay back to INEOS its net share of the carry out of 50% of its net, free cashflow; -- At completion, INEOS will become the operator of PEDLs 145, 193 and EXL 273 subject to normal partner approvals; -- IGas will have up to $285 million of total spend from third parties across its key shale gas acreage from major partners, including Total E&P UK Limited ("Total"), GDF SUEZ E&P UK Limited ("GDF") and INEOS; this will give IGas a significant, funded work programme including 15 wells, flow tests and gas handling stations; -- On completion, the cash component of the consideration will further strengthen the Group's balance sheet giving IGas additional financial flexibility and ability to further develop its onshore licence interests. Commenting Andrew Austin, CEO of IGas, said: "We are delighted to announce this farm out with INEOS which underpins the quality, scale and significant potential of our licences, whilst retaining material upside in these key assets. Alongside the commitment from our existing partners, INEOS's commitment of upfront cash and considerable capital investment will help fund us through the next steps of our shale appraisal and production programme. This transaction, together with our existing partnerships with Total and GDF, reinforces the potential and materiality of our portfolio to world class counterparties and strongly positions us as we seek to work together to unlock the potential of our untapped natural gas resources in Britain." Gary Haywood, CEO of INEOS Upstream, says "This is a great opportunity to acquire some first class assets that have the potential to yield significant quantities of gas in the future. INEOS believes that an indigenous Shale gas industry will transform UK manufacturing, and that we can extract the gas safely and responsibly. We are pleased to have agreed this deal with IGas. INEOS's scale, asset position across the UK, US shale gas expertise, and our expertise in managing oil and gas facilities will be a great match with IGas's existing onshore asset base, and significant exploration and production capability." Jefferies acted as Financial Advisor to IGas on the transaction. ENQUIRIES For further information please contact: IGas Energy plc Tel: +44 (0)20 7993 9899 Andrew Austin, Chief Executive Officer Stephen Bowler, Chief Financial Officer Ann-marie Wilkinson, Head of Communications Jefferies International Limited (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7029 8000 Sara Hale Graham Hertrich Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000 Henry Fitzgerald-O'Connor Vigo Communications Tel: +44 (0)20 7016 9570 Patrick D'Ancona/Chris McMahon Details of the transaction INEOS has agreed to farm into a 50% interest in IGas' licences in the Bowland basin: PEDL, 147, 184, 189, 190; and a 60% interest in IGas' licences: PEDL 145, 193 and EXL 273, (the "Bowland Licences"), in the North West of England. In the East Midlands, INEOS has the option to acquire 20% in PEDL 012 and 200. INEOS will assume operatorship of licences PEDL 145, PEDL 193 and EXL 273. IGas will retain operatorship of all other Bowland Licences. INEOS will acquire IGas' entire working interest in the acreage held under PEDL 133 in the Midland Basin in Scotland and assume operatorship. INEOS has agreed to pay IGas an upfront cash consideration of GBP30 million payable on completion of the transaction. INEOS has committed to agree to fund IGas' share of a forward work programme on the Bowland Licences subject to a gross expenditure cap of GBP138 million. The Carry will be split into two distinct phases. Phase 1 shall commence upon execution of the FOPA. Over Phase 1, INEOS is committed to fund a work programme subject to a gross expenditure cap of GBP70 million. Phase 2, which will be subject to a gross expenditure cap of GBP68 million, shall follow Phase 1 of the agreed work programme. At the end of Phase 1 INEOS must either commit to the Phase 2 carry or return the licences to IGas. The work programme is comprised as follows: Phase 1 - three vertical wells, one hydraulically fractured vertical well, two hydraulically fractured horizontal wells, gas processing and tie-in costs and both 2D and 3D seismic surveys. Phase 2 - two vertical wells, three hydraulically fractured horizontal wells, gas processing and tie-in costs and a 3D seismic survey. On commencement of production from the Bowland Licences and at the point when IGas achieves positive free cash flow from these licences, IGas will be required to repay its net share of the carry to INEOS. Positive free cash flow being gross revenues less costs including operating costs, accrued taxes, capital expenditure, third party transportation and processing fees and third party sales and marketing costs. IGas will repay the carry plus an increment (currently estimated at 6% per annum), out of a maximum of 50% of its net, free cashflow from the Bowland Licences. The free cash flow payment amount is subordinated to all liabilities of IGas pursuant to the Bond Security. Completion is expected to take place not later than 30 June 2015. The transaction is subject, inter alia, to partner pre-emption rights and consents and approvals by the Department of Energy and Climate Change and relevant tax clearances. There is no production from the assets included in this transaction that contribute to the overall EBITDA of the Group. On completion, IGas will have a gross funded carried work programme of up to $285 million, covering the cost of around 15 wells, flow tests and gas handling stations. Asset Overview Licences subject to transaction IGAS CURRENT IGAS POST DEAL Licenses Region Partner Equity Operator Partner Equity Operator --------------- --------- ------- --------- ---------- ------- --------- % % --------------- --------- ------- --------- ---------- ------- --------- PEDL012 East Midlands GDF 75% IGas GDF/Ineos 55% IGas --------------- --------- ------- --------- ---------- ------- --------- PEDL200 East Midlands GDF 75% IGas GDF/Ineos 55% IGas --------------- --------- ------- --------- ---------- ------- --------- PEDL189 North West GDF 75% IGas GDF/Ineos 25% IGas --------------- --------- ------- --------- ---------- ------- --------- PEDL145 North West 100% IGas Ineos 40% Ineos -------------------------- ------- --------- ---------- ------- --------- PEDL184 North West 100% IGas Ineos 50% IGas -------------------------- ------- --------- ---------- ------- --------- PEDL190 North West 100% IGas Ineos 50% IGas -------------------------- ------- --------- ---------- ------- --------- PEDL193 North West 100% IGas Ineos 40% Ineos -------------------------- ------- --------- ---------- ------- --------- EXL 273 North West GDF 75% IGas GDF/Ineos 15% Ineos --------------- --------- ------- --------- ---------- ------- --------- PEDL147 North West GDF 75% IGas GDF/Ineos 25% IGas --------------- --------- ------- --------- ---------- ------- --------- PEDL133 Higher horizon Scotland 100% IGas Ineos 0% Ineos -------------------------- ------- --------- ---------- ------- --------- Lower horizon Scotland 49% IGas Ineos 0% Ineos -------------------------- ------- --------- ---------- ------- --------- Other licences IGAS CURRENT IGAS POST DEAL Licenses Region Partner Equity Operator Partner Equity Operator --------------- -------------- ------- --------- ------------- ------- --------- % % --------------- -------------- ------- --------- ------------- ------- --------- AL9 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- EXL 288 East Midlands GDF 75% IGas GDF 75% IGas --------------- -------------- ------- --------- ------------- ------- --------- ML3 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- ML4 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- ML6 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- ML7 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- Total Total Egdon Egdon PEDL139 East Midlands ECorp 32.5% IGas ECorp 32.5% IGas --------------- -------------- ------- --------- ------------- ------- --------- Total Total Egdon Egdon PEDL140 East Midlands ECorp 32.5% IGas ECorp 32.5% IGas --------------- -------------- ------- --------- ------------- ------- --------- PEDL146 East Midlands GDF 75% IGas GDF 75% IGas --------------- -------------- ------- --------- ------------- ------- --------- PEDL173 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL174 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL178 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL179 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL207 East Midlands GDF 75% IGas GDF 75% IGas --------------- -------------- ------- --------- ------------- ------- --------- PEDL210 East Midlands GDF 75% IGas GDF 75% IGas --------------- -------------- ------- --------- ------------- ------- --------- PEDL6 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PL 162 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL169 East Midlands Egdon 80% IGas Egdon 80% IGas --------------- -------------- ------- --------- ------------- ------- --------- PL178 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PL179 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- East Midlands 100% IGas 100% IGas ------------------------------- --------- ------- --------- ------------- ------- --------- PL199 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PL220 East Midlands 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- East Midlands 100% IGas 100% IGas ------------------------------- --------- ------- --------- ------------- ------- --------- PEDL185 North West GDF 75% IGas GDF 75% IGas --------------- -------------- ------- --------- ------------- ------- --------- PEDL188 North West GDF 75% IGas GDF 75% IGas --------------- -------------- ------- --------- ------------- ------- --------- PEDL186 North West GDF 75% IGas GDF 75% IGas --------------- -------------- ------- --------- ------------- ------- --------- PEDL187 North West GDF 75% IGas GDF 75% IGas --------------- -------------- ------- --------- ------------- ------- --------- PEDL40 North West 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL56 North West 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL78 North West 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- P1270 Scotland 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL 163 Scotland 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL158 Scotland 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL159 Scotland 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- DL2 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- DL4 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- ML18 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- ML21 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL21 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL233 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PEDL235 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- Aurora, Aurora, Brigantes, Brigantes, Corfe, Corfe, Egdon, Egdon, PEDL70 Weald UKOG 50% IGas UKOG 50% IGas --------------- -------------- ------- --------- ------------- ------- --------- PL182 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PL205 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PL211 Weald UKOG 90% IGas UKOG 90% IGas --------------- -------------- ------- --------- ------------- ------- --------- PL233 Weald UKOG 50% IGas UKOG 50% IGas --------------- -------------- ------- --------- ------------- ------- --------- PL240 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- PL249 Weald 100% IGas 100% IGas ------------------------------- ------- --------- ------------- ------- --------- About INEOS INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 15 businesses each with a major chemical company heritage. It has a turnover of $54bn. Its production network spans 65 manufacturing facilities in 16 countries throughout the world, employing 17000 people. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. Its businesses produce the raw materials that are essential in the manufacture of a wide variety of goods: from paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life. INEOS is one of the UKs largest manufacturing businesses. It employs 4000 people in the UK across 7 sites. It can use shale gas at its manufacturing sites as a feedstock or energy source. The company also owns land, pipelines and storage in some of the key areas being explored in the UK. INEOS Upstream is INEOS' new oil and gas exploration and production business. It has the stated aim to become the biggest player in the UK Shale gas industry. Shale gas could revolutionise UK manufacturing as it has done in the USA. There is incredible potential to provide the UK with greater energy security, growth and jobs, and help the UK's chemical and energy-intensive UK manufacturing industry to succeed, worldwide. For further information please visit www.ineos.com. This information is provided by RNS The company news service from the London Stock Exchange END
27/11/2014
20:38
2baffled: IC View: While there's a sentiment risk from popular opposition to fracking, Westhouse reckons IGas's current share price reflects no more than the value of production from the group's conventional assets - essentially ascribing no value at all to its shale portfolio. That suggests considerable potential upside. Speculative buy. last IC View: Buy, 128p, 25 Jun 2014 IGas bolsters its shale acreage Half-year figures from UK shale gas explorer IGas Energy (IGAS) revealed roughly flat production during the period, at 2,766 barrels of oil equivalent per day. Add a falling oil price to the mix and operating profit fell more than a fifth to £8.6m. But these figures aren't as important as the group’s progress in appraising and developing its shale acreage. Earlier this month, IGas began drilling a vertical exploration well at Ellesmere Port, and also announced the results of its exploration well at Barton Moss. At the latter, the drillers encountered 15 gas-bearing coal seams, in accordance with pre-drill expectations, and the shale-rock samples recovered contained up to 5.72 per cent of carbon content - though the average figure was rather lower, at 1.9 per cent. The group also completed the acquisition of Dart Energy last month, creating a portfolio covering around 1m acres for potential fracking. The group now operates an $80m (£51m) programme funded by big names like GDF Suez and Total, and boasts the largest area in the UK that has been licensed for shale gas exploration. Broker Westhouse Securities has a target price of 164p, which reflects a 15 per cent probability that IGas will successfully develop its shale gas resources. http://www.investorschronicle.co.uk/2014/11/27/shares/news-and-analysis/igas-bolsters-its-shale-acreage-cyamtyrqChWYqwaqePsbLO/article.html
21/11/2014
10:04
2baffled: Could Ineos bid for IGas? 21st November 2014 A PLANNED £640m investment in shale gas by the chemicals group Ineos has stopped the share price slide at fracking firm IGas. And Ineos chairman Jim Ratcliffe's ambition for the group to "become the biggest player in the UK shale gas industry" has led some to speculate it may even bid for IGas, which already holds licenses close to Ineos sites at Grangemouth and Runcorn. IGas, which is investigating the potential for shale gas across the North West, has seen its share price knocked in recent months by negative sentiment against the oil and gas industry, and more recently by a controversial share trade at Quindell, another AIM-listed company. The deal did not involve IGas but it has emerged that chief executive Andrew Austin had used a similar financing arrangement with the US firm Equities First Holdings (EFH). The result was the shares lost a third of their value in a week, falling from 75p to 50p, leaving the business which holds the largest shale gas licence area in the UK with a market value of just £150m. Stephane Foucaud, managing director of institutional research at FirstEnergy Capital, an investment bank which works in the oil and gas sector, concedes the business could be a takeover target. "At the end of the day they have a lot of acreage, there aren't many players with the same amount. I can see somebody being interested in that. But would shareholders be prepared to sell or go for some sort of farm out agreement, which IGas already has with Total at one location." He added: "The majors are cutting down on capital expenditure and are being told to maximise returns to shareholders. Anyone looking to make a bid will look very hard because there are a lot of assets on the market. But you could see the likes of Ineos, a less traditional player in the market, being interested." Ineos want to use the gas to bring down overheads at its chemicals plant. It has been buying up exploration rights close to its Grangemouth facility in Scotland and is bidding for licences in the Government's 14th ongoing onshore licensing round. IGas holds the rights to large areas around the North West close to Ineos's site in Runcorn and on Monday it started drilling an exploration well in Ellesmere Port. "Nobody is going to bid anything until they see what happens in the 14th round," said Adrian Reed, managing director of Manchester corporate finance house Altium and head of the firm's energy sector. "You're not going to see Ineos buying IGas until it knows were its own licenses are." The decision on the 14th round could be made next month. "At some point IGas will be very valuable to Gazprom, or someone like that," added Mr Reed. http://www.thebusinessdesk.com/northwest/news/695970-could-ineos-bid-for-igas.html?news_section=4148
14/11/2014
20:35
sweet karolina: My view: The EFH scam was promoted by AIM - they sponsored the AIM awards and laid on a number of corporate entertainment events. Austin managed to sniff out this scam and get involved in it before those events! Some directors who have fallen for the EFH scam are victims of the scam. They are beginning to fess up, more needs to be dragged out of them, but they have been silly boys and that is not something a director admits lightly. It is those who are not fessing up that you need to worry about. Worth a read: HTTP://www.shareprophets.com/views/8959/igas-needs-to-clarify-its-clarification-on-ceo-director-share-trades-a-total-farce IGAS (IGAS) has today tried to clarify share trades made by its CEO Andrew Austen. It has failed abysmally and now needs to clarify its clarification. This is a farce and the advisers - the lamentable Jefferies – should be walking the plank right now. The RNS today reads: The Company notes the recent movement in its share price and confirms the detail contained in the statement on 16 January 2014, in respect of Mr Andrew Austin's facility with Energy First Partners LLP, is full and correct disclosure for the purposes of the AIM and Disclosure and Transparency Rules. Mr Austin's beneficial interest is 10,971,164 shares. However in letter sent to worried investors yesterday it stated: The Company made full disclosure on 16 January 2014. The Company legal advisers and NOMAD were involved as you would expect and in our ordinary course. Mr Austin’s beneficial and economic interest has not changed. He still retains a beneficial interest of 10,971,164 shares and still retains his voting rights. We appreciate the directors of other companies which may have “similar” arrangements with the same counterparty have put out supposedly “clarifying” announcements; however all this is has done has led us to conclude that the terms of the arrangement Mr Austin has are not the same as the ones to which others are party save as to identity of counterparty. Furthermore the Company (after consultation with its advisers) sees no legal or regulatory reason to make further disclosure surrounding a “dealing” (as defined in my previous email) that has already been correctly and properly reflected in the RNS released on 16 January 2014. I would add that we take this matter extremely seriously but also note it is a most unwelcome and unnecessary distraction from our important daily business. Kind regards IGas Energy Plc. Any shareholder should now be writing to IGAS thus: Dear IGAS Thank you for your letter. You state Mr Austin’s beneficial and economic interest has not changed. He still retains a beneficial interest of 10,971,164 shares and still retains his voting rights. This appears to contradict the RNS statement which states: “the lender is contractually prohibited from short selling or voting the shares during the term of the loan” This implies that voting rights have been transferred to the lender (albeit with an agreement that they will not be used.) They cannot both have voting rights. You also assert: “Furthermore the Company (after consultation with its advisers) sees no legal or regulatory reason to make further disclosure surrounding a “dealing” (as defined in my previous email) that has already been correctly and properly reflected in the RNS released on 16 January 2014” Whether or not you have been correctly advised (the above contradiction would suggest that you have not) and you have no legal or regulatory reason to make a further disclosure, would you not agree that it is blindingly obvious that a full and frank disclosure of the details would be a sensible course of action assuming that Mr. Austin has nothing to hide. Given that if you are correct, Equities First Holdings will have departed from their normal business practices for the first recorded time and made an exception in its dealings with IGas that would make no commercial sense for it, can you not see that your failure to disclose the full facts arouses suspicion and damages the share price. Your failure to address this matter certainly is a most “unwelcome and unnecessary distraction” and I suggest you rectify the situation forthwith. Failure to do so screams out that you do have something to hide. Yours etc PS. Furthermore I note that in today’s RNS there is no mention of voting rights. To end this farce can you not simply state: a) the date, time and value of all transfers of stock from your CEO to Equity First b) In whose name the shares you say that your CEO owns is registered? c) Whether any margin calls have been issued and how were they met?
14/11/2014
07:16
leedskier: 16 January 2014 IGas Energy plc ("IGas" or the "Company") Director Share Purchase and Finance Facility IGas (LSE: IGAS), one of the leading producers of onshore hydrocarbons in the UK, has received notification that the Chief Executive Officer, Andrew Austin, has purchased 300,000 ordinary shares in the Company ("Ordinary Shares") at a price of 135.38p pence each. To fund the acquisition of shares Andrew Austin has entered into a loan facility, and has transferred up to 7.5 million shares as security. Andrew Austin is required to redeem the shares at maturity when the loan is repaid at the end of the three year term and it is his full intention to do so. Under the terms of the facility the lender is contractually prohibited from short selling or voting the shares during the term of the loan. The loan facility has been arranged by Meridian Equity Partners and the funding provided by Equities First Holdings, a securities-based capital provider for institutional and individual clients. Following this purchase, Andrew Austin is interested in 10,967,075 Ordinary Shares representing 5.41 per cent of the issued ordinary share capital of the Company. The total issued share capital of the Company comprises 202,633,228 ordinary shares of 10 pence each. ------- 14 November 2014 IGas Energy PLC ("IGas" or "the Company") Statement re Share Price Movement The Company notes the recent movement in its share price and confirms the detail contained in the statement on 16 January 2014, in respect of Mr Andrew Austin's facility with Energy First Partners LLP, is full and correct disclosure for the purposes of the AIM and Disclosure and Transparency Rules. Mr Austin's beneficial interest is 10,971,164 shares. ================================ Was it Equities First or Energy First? If it was Equities First how did the arrangement differ from QPP's? Is it a non recourse agreement?
07/4/2014
16:23
bc4: 123qwer Yes only 19 years and 11 months and you will be RICH LOL HA HA in the meantime Igas share price is up over 12% in less than two weeks, like Jim Bowen said here's what you could have won
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