Response to Government Announcement on UK Shale

RNS Number : 3590H

Igas Energy PLC

05 April 2022

 

5 April 2022

IGas Energy plc ("IGas" or "the Company")

Response to Government Announcement on UK shale

IGas (AIM: IGAS) welcomes the Government's support in its announcement today of a scientific review of shale gas by the British Geological Survey before the end of June 2022.

The full text of the Government's announcement can be found here:  Scientific review of shale gas launched - GOV.UK (www.gov.uk)

Stephen Bowler, CEO, commented:

"This is a significant development by the Government and we welcome the opportunity to demonstrate how shale gas can provide safe, secure and affordable energy for the UK.

With Government support to rapidly accelerate the development of this strategic national resource, the IGas Board believes it can make this vital, indigenous supply of energy available to British consumers and businesses in a short timeframe.

Gas has a key role to play to ensure our future energy supply is secure, affordable and as low carbon as is economically possible. It is used to heat over 80% of homes and by over 60% of the UK's population for cooking. Whilst renewable sources of energy are increasingly producing a greater share of our electricity, gas still provides c.40%.

UK shale gas resources can replace imports, reduce prices, boost the country's tax revenues, and lead to job creation in areas where they are most needed to support the Government's levelling up agenda." 

For further information please contact:

IGas Energy plc   Tel: [phone]

Stephen Bowler, Chief Executive Officer

Ann-marie Wilkinson, Director of Corporate Affairs

Investec Bank plc (NOMAD and Joint Corporate Broker)  Tel: [phone]

Sara Hale/Virginia Bull/Jeremy Ellis

Canaccord Genuity (Joint Corporate Broker)    Tel: [phone]

Henry Fitzgerald-O'Connor/James Asensio

Vigo Consulting                                                                            Tel: [phone]

Patrick d'Ancona/Finlay Thomson/Kendall Hill

 

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