IGas Energy (GB:STAR) has released an update.
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IGas Energy has announced a stable production momentum with outputs matching guidance at approximately 2,000 barrels of oil equivalent per day, and plans to optimize current oil production for better returns. Additionally, the company aims to divest from shale gas licenses to concentrate on producing assets and has indicated a strategic pivot towards geothermal energy, which aligns with the skills present in the UK’s onshore oil and gas workforce. With a reinforced balance sheet from recent refinancing, IGas Energy is focused on maximizing cash flow amidst high commodity prices and preparing for a sustainable future in clean energy.
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