June 26, 2015 / 6:26 AM / 4 years ago

BRIEF-IGas Energy says FY revenue drops to 58.2 mln stg

June 26 (Reuters) - IGas Energy Plc

* FY revenue 58.2 million stg versus 75.9 million stg year ago

* Production in year was 999,003 boe (2014: 1,015,866 boe), representing an average of 2,737 boepd (2014: 2,783 boepd)

* Board changes - Stephen Bowler appointed CEO and CFO search in progress

* Looking to maintaining production c.2,750 boepd for 2015/16 through a number of initiatives

* 630,000 barrels hedged in period 1 July 2015 to September 2016 - downside protection ranging from US$55 to US$84 per barrel and at an average of c.US$67 per barrel

* Lower oil prices have potential to further affect North Sea oil and gas supply and therefore further increase our dependency on other countries for our gas.

* FY gross profit of £15.4m was recognised in year (2014: £28.0m) with underlying profit of £8.3m (2014: £20.3m).

* In next 12 months will drill further exploration/appraisal wells including at site in east midlands and anticipate this will start in H1 2016 Source text for Eikon: Further company coverage:

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