Changes of UK Onshore Licence Interests

RNS Number : 2976V

Igas Energy PLC

01 November 2017

 

This Announcement Contains Inside Information

1 November 2017                           

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

Changes of UK Onshore Licence Interests

IGas notes that INEOS Upstream Limited ("INEOS") has recently completed its acquisition of Total E&P Limited's ("Total") interests in certain UK onshore licences held jointly with IGas.

There is no change to IGas's financial position or equity interests resulting from this transaction. Total's obligations to carry IGas in respect of PEDL 139 and 140 have been taken over by INEOS in full. 

Following completion of the acquisition the new equity interests in the licences are as outlined in the table below:

Licence	Region	Equity interests post transaction	Operator
PEDL 139	North Nottinghamshire	IGas 32%, INEOS 40%, Egdon 14.5%, ECorp 13.5%	IGas
PEDL 140	North Nottinghamshire	IGas 32%, INEOS 40%, Egdon  14.5%, Ecorp 13.5%	IGas
PEDL 273	Yorkshire	IGas 35%, INEOS 30%, Total 20%, Egdon 15%	IGas
PEDL 305	Yorkshire	IGas 35%, INEOS 30%, Total 20%, Egdon 15%	IGas
PEDL 316	Lincolnshire	IGas 35%, INEOS 30%, Total 20%, Egdon 15%	IGas

Commenting today Stephen Bowler, Chief Executive Officer, said: "This transaction comes at an exciting time for IGas and the wider UK Shale industry and we are very pleased to welcome INEOS as a partner into these blocks, and alongside Total in our 14^th round licences.

We are already partners with INEOS across a number of licences and many are also adjacent to INEOS' 100% owned 14^th round licences in the East Midlands. As the work programme develops we would expect to realise synergies in this area."

Ron Coyle, CEO at INEOS Shale, said: "Our acquisition of these assets represents an important development for INEOS Shale and demonstrates our ongoing commitment to this important industry. Shale gas represents an exciting opportunity for the UK, and has the real potential to bring much needed jobs and investment to local communities. The continuing growth of INEOS's portfolio of licences means we will be at the very forefront of this transformational industry".

For further information please contact:

IGas Energy plc

Tel: [phone]

Stephen Bowler, Chief Executive Officer

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Director of Corporate Affairs

Investec Bank plc (NOMAD and Joint Corporate Broker)

Tel: [phone]

Sara Hale/Jeremy Ellis/George Price

Canaccord Genuity (Joint Corporate Broker)

Tel: [phone]

Henry Fitzgerald-O'Connor

Vigo Communications

Tel: [phone]

Patrick d'Ancona/Chris McMahon 

 

END

 

 

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