Response to Govt. Statement re Shale Moratorium

RNS Number : 8130Y

Igas Energy PLC

08 September 2022

 

8 September 2022

IGas Energy plc  (AIM: IGAS)

("IGas" or "the Company")

Response to Government Statement Re: Shale Moratorium

IGas welcomes the Government's statement today on the lifting of the effective moratorium on hydraulic fracturing in England and the review of energy regulation.

We have always believed the science, as well as the need for increased domestic production of gas, supports a lifting of the moratorium. 

The data that we have collected in the Gainsborough Trough over the past five years shows that we have a world class shale gas resource which is now, given the energy crisis, a strategic national asset. 

The development of IGas' shale gas assets has the potential to provide secure and affordable energy for the UK in the near term, helping to decouple the UK from volatile and competitive international gas markets.  Aside from the clear benefits in job creation and balance of payments through producing indigenous natural gas, we will support local communities with a comprehensive benefit package. 

The accelerated development of this strategic natural resource, which we believe is imperative in helping with the ongoing energy and cost-of-living crisis, can only be achieved through a streamlined regulatory process, something the Government has committed to today.  To this end, we look forward to working constructively with the new administration.

Commenting Stephen Bowler, IGas CEO said:

"What has become even more evident in the past few months, given the heightened challenges of the terrible war in Ukraine, is the need for the UK to secure further indigenous supplies of energy to reduce its reliance on imports and reduce spiralling energy prices.

As well as improving our energy security the development of shale gas in the UK would reduce our carbon footprint, increase tax take, provide tens of thousands of well-paid, highly skilled jobs, a chance to reverse our balance of payment deficit and a means to level up the UK economy.

Recent polling by YouGov has shown that, as the cost-of-living crisis bites, local people support shale development where it can bring real benefit to their community in reducing bills. We will work together with local communities to deliver this much needed resource in the near term and demonstrate that it can be done safely."

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]

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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