Completion of Farm-out with INEOS Upstream

RNS Number : 4217M

Igas Energy PLC

07 May 2015

 

7 May 2015

IGas Energy plc

("IGas" or the "Company")

Completion of Farm-out with INEOS Upstream ("INEOS")

IGas (LSE: IGAS), one of the leading producers of onshore hydrocarbons in Britain, is pleased to announce the completion of the farm-out and purchase agreement (FOPA) with INEOS.

INEOS will assume operatorship of PEDLs 133, 145 and 193 and EXL 273 in phases, following an orderly handover.

All of the necessary consents and approvals have now been received from DECC.

Commenting today, Andrew Austin, Chief Executive said:

 "We are delighted to have completed the transaction with INEOS and look forward to working with the INEOS team over the coming years. We now are operating on behalf of Total, GdF and INEOS, with a gross carried work programme of US$285m, to unlock the shale gas potential across the North West and East Midlands."

ENQUIRIES

For further information please contact:

IGas Energy plc  

Tel: [phone]

Andrew Austin, Chief Executive Officer

Stephen Bowler, Chief Financial Officer

Ann-marie Wilkinson, Head of Communications

Jefferies International Limited (NOMAD and Joint Corporate Broker)

Tel: [phone]

Sara Hale/Graham Hertrich

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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