iGas seeks partner for Ince Marshes shale opportunity
A RESOURCES company which employs the controversial fracking technique to extract natural gas, is looking for a development partner for a site in Cheshire.
iGas Energy, a company listed on AIM, has begun a formal process to find a “farm-in” partner for the Bowland Shale prospect at Ince Marshes to “accelerate the successful development of this potentially significant resource base”.
iGas said its Ince Marshes well had demonstrated the presence of the Bowland shale, which has the potential to at least double the independent pre-drill estimate of gas initially in place.
The comapny has appointed the investment bank Greenhill as its adviser to conduct this process, which is expected to be completed within four to five months.
Chief executive Andrew Austin, said: “”The Bowland Shale offers a considerable addition to our existing conventional and unconventional resources and its potential materiality represents an opportunity for both the company and future partners.
“We have already received a number of expressions of interest from world-class companies to partner with us for what looks to be a highly significant opportunity. We will now move forward and find the right partner with the appropriate complementary skills and resources to work with us during this exciting project.
“The UK Government’s announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country.”
Hydraulic fracturing, or fracking is a controversial process with many environmental groups opposing its potential impact on the climate. Earlier this year, The Co-operative Group called for a moratorium on shale gas extraction, citing fears about greenhouse gas emission and potential groundwater contamination from chemicals dispersed during the fracking process.
