IGas to re-evaluate shale assets
IGAS Energy is planning a further evaluation of its North West shale gas resources, including possible drilling, following the end of the fracking ban.
It is looking to extract shale gas from underneath a number of sites owned by Peel Group across the North West, including Ince Marshes and Doe Green at Warrington.
In an interim statement today the company said it has received interest from a “number of parties” for the shale assets, but is keen to evaluate them before concluding a “farm out process”.
“A number of studies, including geochemical analysis and seismic mapping, have contributed to a more detailed understanding of the shale potential,” said the company.
“The results from these studies indicate that the IGas acreage is even more prospective than originally envisaged. Mapping of the Bowland Shale interval shows the shale horizon extending across the IGas licences in the North West.
“The results from these studies, coupled with the soon to be published British Geological Survey (BGS) report on the UK shale resource volumes, is anticipated to further confirm the scale of the shale potential in the UK.”
In the six months to the end of September revenue was up to £33.3m from £15,000 and it made a pre-tax profit of £10.2m, up from a £1.5m loss last time. The increases reflect a £110m deal to take on Petronas’s UK oil & gas company, Star Energy last year.
