IGas Energy (GB:STAR) has released an update.
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IGas Energy has reported a strong production year in 2023, with net production surpassing guidance and averaging 2,100 barrels of oil equivalent per day (boepd). The company has strengthened its financial position by securing a new €25 million financing facility, which will support its transition into geothermal energy and allow for continued investment in its oil and gas businesses. Despite strong operational performance, the company faced a decrease in revenue and a net loss after tax, largely due to lower commodity prices and a weaker US dollar compared to the previous year.
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