The company explores and develops gas and oil reserves at onshore locations in the northwest of England, in north Wales, in the East Midlands and in southern England.
With almost a decade of experience in onshore drilling, IGas is able to exploit prolific and lower-cost hydrocarbon reserves which contribute to Britain’s energy security while at the same time delivering value to IGas investors.
26/01/12
Operational update03/01/12
Total Voting Rights19/12/11
Holdings in Company15/12/11
Completion of Star Energy Group Ltd Acquisition15/12/11
Admission of Shares to AIM
27/01/12
The British oil and gas firm has made an unexpected shale gas discovery near Warrington. But this won’t distract attention from its plans to develop a commercial coal bed methane operation.
26/01/12
An exploration well has found a ‘very significant’ area of shale gas at the Ince Marshes site in Cheshire. The firm also updated investors on the development of its coal bed methane projects and its conventional oil producing operations, which are currently beating expectations.
19/09/11
Broker says a deal to buy Star Energy Group’s UK onshore production assets turns the firm into a cash-generative oil producer. The firm has also made progress at its Doe Green coal-bed methane project
19/09/11
A deal to buy Star Energy’s UK onshore production assets brings 11.1 million barrels of oil equivalent 2P reserves to IGas for an estimated US$12.70 per barrel. The firm has also made progress at its Doe Green coal-bed methane project.
23/05/11
IGas is preparing for an expanded drill programme with 4 -6 wells planned in the coming months. RBS analyst Phil Corbett, who upgraded the stock today, reckons the drill programme will help IGas convert resources into reserves but more importantly it could give investors more confidence in the viability of CBM.
15/12/11
IGas completes Star Energy acquisition24/11/11
IGas Energy: CFO and COO buy shares in company23/11/11
IGas Energy’s shares up after it resumes trading on AIM23/11/11
IGas Energy makes “significant progress” as it finalises Star Energy acquisition23/09/11
IGas Energy: Stephen Bowler to become CFO
05/11/2010
IGas is a leading onshore hydrocarbon producer in the United Kingdom, delivering natural gas and crude oil to Britain’s energy market. The company explores and develops gas and oil reserves at onshore locations in the northwest of England, in north Wales, in the East Midlands and in southern England. With almost a decade of experience in onshore drilling, IGas is able to exploit prolific and lower-cost hydrocarbon reserves which contribute to Britain’s energy security while at the same time delivering value to IGas investors.
Our strategy
IGas has accumulated a significant hydrocarbon resource from 35 oil and gas exploration licences in the UK. The contingent reserves, totalling some 317 million barrels of oil and gas equivalent, represent a portfolio of development opportunities which the company intends to exploit over the medium term, delivering natural gas to the UK’s grid, oil to UK refiners and enhanced value to the company’s shareholders.
IGas takes an entrepreneurial and opportunistic approach to oil and gas development. Using the onshore expertise of the IGas team, the company will seek to enhance recovery from its portfolio of mature wells, creating avenues to improve cash flow which will be applied to further development of the company’s resource base while at the same time seeking opportunities to acquire new onshore oil and gas acreage.
IGas energy’s operations are across the north west of England and the North Wales coast. We also have licence interests in Staffordshire and Yorkshire. In total we have interests in licences covering 1,756 square kilometres.
We have now drilled eight wells and have obtained planning permission at fifteen locations, varying from full production sites in brown field locations to assay wells in green field locations, where we have restored the sites at the completion of operations.
Point of Ayr
Point of Ayr is a particularly interesting area for IGas Energy as here we see potential for both conventional and unconventional (from coal and also shale) gas production. In 2009 790km of 2D seismic was reinterperated in the area and an independent report by Equipoise Solutions put the conventional gas potential at up to 37 bcf unrisked within the licence area. A number of leads were identified at the Namurian and Collyhurst levels. Several sites for drilling have been identified onshore in the area and we are looking to progress one of these in 2010.
Swallowcroft
Swallowcroft in Staffordshire offers a very intensively located resource with a large number of potentially drillable seams within the coal. We have now completed the well at Keele science park in PEDL 56-1 and are carrying out pilot production. In addition in 2009 we acquired PEDL 78-2 and now own 100% of this licence, which we operate. The GIIP on this licence was independently assessed as 78 bcf mid case.
Four oaks
Our Northwest acreage has been the centre of much of our activity to date. The productive capacity of the coals has been established by our pilot production site at Doe Green and the ongoing energy export activities at this site. In addition to continuing to assess and model the subsurface we have now obtained planning permission for five production sites in the area ranging from Ellesmere Port in the west in PEDL 190 to the Trafford Centre in the east within PEDL 193. A significant proportion of this acreage is now also considered to have shale that has a very high potential to be hydrocarbon bearing.
Four oaks – PEDLs 145 and 116 This area is located both north and south of the Mersey, between Liverpool and Warrington.
Parkside
Parkside – PEDL 193 This area is located in South Lancashire, to the southeast of the old Parkside Colliery area of the South Lancashire coalfields and northeast of Warrington. Geologically, the licence is on the southern margin of the Rossendale anticline and on the western margin of the Pennine Axis, and targets the unworked CBM potential of the southern extension of the South Lancashire coalfield which is proven, by prior National Coal Board (“NCB”) boreholes, to extend for at least 5 km to the south east. The oldest rocks present in the area belong to the upper part of the Millstone Grit Series of Upper Carboniferous age and are followed conformably by the Lower and Middle coal measures. These geologic strata consist of alternating shales, sandstones and coal seams. The northern and western area of the licence includes part of the underground workings of the abandoned South Lancashire Coalfield. The workings demonstrate the presence of multiple thick (>3 feet) coal seams within the Upper Carboniferous, Westphalian and Pennine coal measures. Exploration work carried out by the former NCB confirms the regional structure of the Coal Measures as gently dipping to the south (at depths up to and exceeding 4,000 feet) and being broken up by a series of normal faults.
North Dee
North Dee – PEDLs 184 and 190 The area is located in North Dee, including around Ellesmere Port and Runcorn. The area extends between the tidal estuary of the Dee and the Mersey, with the peninsula of the Wirral (Cheshire) lying between them.
These licences target the unworked CBM potential of the eastern extension of the North Wales coalfields and the south western extension of the Lancashire coalfields. These coals are proven to extend eastwards for at least 20 kilometres in the North Dee area from Buckley to Chester, and southwards from the Wirral to Wrexham.
Drax
The Drax area is located in Yorkshire, around 15 miles south and east of York itself. The licence is PEDL 92-1.
Geologically, the area under licence is formed by strata of Carboniferous and Permo-Triassic age, gently dipping to the south and south-east. Prior mining to the south and west of the area focused on Westphalian B coals, which, from the available borehole data, are at depths of approximately 650 feet to 3,000 feet below surface within PEDL 92. Although the area had been licensed historically for CBM exploration, no boreholes had been drilled on the licence for this purpose prior to IGas Energy acquiring the acreage.
A well was spudded at Mill Farm in August 2007 and drilled to a depth of 2,718 feet. This well was used to log and core the coal sequence. The drilling of this well fulfilled the licence commitments and the licence is now in its second term.
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Nominated Advisor and Broker:
RBS Hoare Govett Limited
250 Bishopsgate London | EC2M 4AA
Auditors to the Company:
Ernst & Young LLP
1 More London Place | London | SE1 2AF
Public Relations:
Kreab Gavin Anderson
85 Strand | London | WC2R 0DW
Competent Person:
Equipoise Solutions Ltd
3A Rathbone Square | 28 Tanfield Road | Croydon | CRO 1BT
Registrars:
Computershare Investor Services PLC
PO Box 1075 | The Pavillions | Bridgewater Road | Bristol | BS99 3FA
IGas Energy plc
International House
1-6 Yarmouth Place
London
W1J 7BU
Telephone +44 (0)207 993 9901
Email: enquiries@igasplc.com
The company's shares are not traded on any other exchanges other than AIM and there are no restrictions on the trading of their securities.
No shares are held in treasury.
Number of shares in issue: 160,323,721
Of the shares in issue 56.39% are considered not to be in public hands.
| Significant Shareholders | No of Shares |
Percent |
| NEXEN | 39,714,290 | 24.77% |
| FRANCIS GUGEN | 27,615,764 | 17.23% |
| LEVINE MANAGEMENT AND PETER LEVINE | 14,429,135 | 8.8% |
| BRENT CHESHIRE | 11,429,253 | 7.13% |
| ANDREW AUSTIN | 10,659,253 | 6.65% |
| BAILLIE GIFFORD | 8,088,217 | 5.04% |
Updated from company website 15/12/11
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