Springs Road Planning Application Approved

RNS Number : 2419P

Igas Energy PLC

15 November 2016

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

15 November 2016

IGas Energy plc (AIM: IGAS)

Springs Road Planning Application Approved

IGas Energy plc ("IGas"), one of the leading producers of hydrocarbons onshore Britain, is pleased to announce that Nottinghamshire County Council's Planning and Licensing Committee has granted planning consent for the application to develop a hydrocarbon wellsite and drill up to two exploratory wells in Misson Springs, North Nottinghamshire. 

Stephen Bowler, CEO of IGas commented:

"I am pleased that the Committee has made this positive determination following the recommendation by the Planning Officer. It has been a long process and everyone has been extremely thorough.  

We have engaged with the community at every step of the process through a local community liaison group.  This is important to us given we operate 30 fields across the country and understand how imperative it is to work in co-operation with local residents whilst we work safely and sensitively.

We are at a critical juncture in the future of our energy mix and supply, as we move away from coal towards lower carbon energy sources. We rely significantly on gas in the UK, not just for electricity, but also in heating 8 out of 10 homes and as a raw material in the manufacture of many everyday products, including plastics and clothing.  We believe the future of the area is as important as its rich history and, with the demise of coal mining in the area, see an important role for shale development in the creation of future jobs and prosperity.

At this stage we, as well as other onshore operators around the country, are trying to establish if the significant quantities of gas that we have identified exists in the right formations to be commercially prospective and address the issue of security of supply that we face.  We now have the consent to develop a hydrocarbon wellsite and drill up to two exploratory hydrocarbon wells (one vertically and one horizontally) to help us better understand the shale gas potential in North Nottinghamshire."

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

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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