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    IGAS   GB00BZ042C28

IGAS ENERGY PLC

(IGAS)
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IGas Shares Rise on Deal With SSE to Develop Geothermal Plant in England

09/20/2021 | 03:46am EDT

By Jaime Llinares Taboada

Shares in IGas Energy PLC rose Monday in early trading after it announced a deal with SSE PLC to develop a geothermal district heating project in Stoke-on-Trent, England.

The oil-and-gas company said the memorandum of understanding grants exclusivity to both partners for a period of 12 months, with milestones including an offtake agreement for the geothermal plant.

"Deep geothermal has the potential to become a world leading industry here in the U.K., provide a stable transition away from oil and gas, and help meet the government's net zero ambitions by decarbonizing heat on a mass scale," Chief Executive Stephen Bowler said.

Shares at 0723 GMT were up 16% at 22 pence.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

09-20-21 0345ET

Stocks mentioned in the article
ChangeLast1st jan.
IGAS ENERGY PLC 0.93% 16.1 Delayed Quote.16.01%
SSE PLC 2.08% 1622.5 Delayed Quote.8.07%
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More news
Financials
Sales 2021 33,8 M 46,7 M 46,7 M
Net income 2021 -1,60 M -2,21 M -2,21 M
Net Debt 2021 15,1 M 20,8 M 20,8 M
P/E ratio 2021 -12,5x
Yield 2021 -
Capitalization 20,1 M 27,7 M 27,7 M
EV / Sales 2021 1,04x
EV / Sales 2022 0,90x
Nbr of Employees 143
Free-Float 67,5%
Chart IGAS ENERGY PLC
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IGas Energy plc Technical Analysis Chart | IGAS | GB00BZ042C28 | MarketScreener
Technical analysis trends IGAS ENERGY PLC
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 16,30 GBX
Average target price 50,00 GBX
Spread / Average Target 207%
EPS Revisions
Managers and Directors
Stephen David Bowler Chief Executive Officer & Executive Director
Frances Ward Group Controller & Finance Director
Cuthbert John McDowell Non-Executive Chairman
Ross Pearson Technical Director
Anthony Philip Jackson Non-Executive Director
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