IGas Offered New Blocks in 14th Licensing Round

RNS Number : 3877W

Igas Energy PLC

18 August 2015

 

18 August 2015

IGas Energy plc (AIM: IGAS)

("IGas" or the "Company")

IGas Offered New Blocks in 14^th Onshore Licensing Round

IGas, one of the leading producers of hydrocarbons onshore in Britain, is pleased to announce that the Company has been offered a total of 6 new licences, covering 7 blocks, in the first group of licences awarded in the UK's 14^th Onshore Oil and Gas Licensing round.

These licences are located in the Gainsborough Trough in the East Midlands and include exploration prospects for both shale gas and conventional oil and gas, close to where the Company already has existing operations.  We currently operate 80 sites in the area, many of which have been in production for over 20 years.

Blocks SE41e, SK49, SK89e, SK88b and SK87c have been offered to a joint venture comprising IGas, Total E&P UK Limited ("Total") and Egdon Resources plc ("Egdon"). Total will have a 50% interest and Egdon a 15% interest.  IGas will be operator of the licences with a 35% interest.

IGas has also been offered blocks SK99a and TF18b and would be the operator with a 100% interest.

A map showing the location of the blocks can be found at www.igasplc.com/media-centre/press-releases.

The licences for these offered blocks will not be granted until after the outcome of the public consultation, under the Conservation of Habitats and Species Regulations 2010,

which commences today.

IGas has also applied for a number of additional licences and notes that the second group of licence block awards are expected to be made later in the year following the conclusion of the Habitats' consultation.

Stephen Bowler, Chief Executive, commented:

"We are delighted with these new licence offers which further increases our oil and gas operations onshore in Britain and extends our acreage position in the strategically important Gainsborough Trough. 

We are also particularly pleased to be strengthening the relationships with Total and Egdon, our existing partners in PEDL's 139 and 140 in the East Midlands.

This licensing round is important in realising the significant opportunity to produce home-grown oil and gas and help secure Britain's energy needs for the future."

ENQUIRIES

For further information please contact:

IGas Energy plc

Tel: [phone]

Stephen Bowler, Chief Executive Officer

John Blaymires, Chief Operating Officer

Ann-marie Wilkinson, Director of Corporate Affairs

Jefferies International Limited (NOMAD and Joint Corporate Broker)

Tel: [phone]

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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