Steady operational performance – As previously disclosed, IGas’ net production averaged 1,898boepd in 2022. IGas has also reiterated guidance for 2023 at c.2kboepd and operating costs of c.$41/boe (FX rate of £1:$1.23), as the company continues to invest and bring production online against the c.7% natural decline of the portfolio. Following the successful production drive initiated in October last year, IGas plans to continue investing across the portfolio, with a new well at Corringham adding high margin barrels and Bletchingley also adding additional revenue. Financials robust – IGas exited 2022 with a cash balance of £3.1m and net debt of £6.1m, down c.£6m in the year. The company has guided to 2023 capex of £15.3m, as the company continues its production drive with a focus on value-add and high-margin projects. We expect this to be a capex heavy year, alongside abandonment costs of £6.5m; however, we anticipate that this will decrease in FY24E with an additional rig purchased, bringing down costs. Geothermal progress – We expect news imminently from the GHNF (Green Heat Network Fund), where IGas and SSE jointly applied for grant for the Stoke-On-Trent project. Success in funding could finalise discussions for a TPA (thermal price agreement) for the offtake of geothermal. The company is also awaiting news from the Carbon Energy Fund (CEF), where it has five bids for funding to supply renewable heat to NHS Trusts. An announcement is expected in Q2 this year. Overall, the company has 35 active projects in discussions with partners, which demonstrates the significant opportunity. Star Energy – IGas has proposed a name, change given its strategic direction to contribute to a lower carbon economy, subject to approval at its June AGM. Valuation – We refresh numbers for today’s results, noting a marginal increase in our RENAV, and we reiterate our Buy and 45p TP.