IGas Energy Plc

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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.

 

Website:
http://www.igasplc.com/
Phone:
+44 (0)20 8231 8824
Address:
Boston House, 69-75 Boston Manor Road, Brentford TW8 9JJ.
Super Sector:
Energy
Sector:
Oil & Gas Producers
Industry:
Exploration & Production
EPIC / Symbols:
LON:IGAS

Sector: Oil & Gas Producers

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Current Statement

 

 

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.

 

Current Operations

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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Managment
Francis Gugen - Non-Executive Chairman


Francis is a founder and Non Executive Chairman and has over thirty year’s oil and gas industry experience. Between 1982 and 2000 he helped grow Amerada Hess in North West Europe, ultimately becoming CEO. Currently he is also non-executive Chairman of Petroleum Geophysical Services ASA of Chrysaor Limited and of CEOC Limited;and a board member of SBM Offshore NV all involved in conventional oil & gas. Until 2006 he served as non-executive Chairman of North Sea gas fields and pipelines operator CH4 Energy Limited before it was acquired in 2006 by Venture Petroleum Plc. He is a member of the CBI’s Economic Affairs Committee, past president of the UK Offshore Operators Association, past chair of the industries representation on the UK Government Oil & Gas Task Force (Pilot) and past chair of the CBI’s Environmental Affairs Committee. Francis is a chartered accountant having worked for Arthur Andersen for eight years until 1982, principally as an oil and gas specialist.


Andrew Austin - Chief Executive Officer


Andrew is one of the founders and the Chief Executive Officer and previously he specialised in energy projects in the gas, electricity and renewables sector. Andrew has been an Executive Director since 2004 and for the last four years has been CEO with full time responsibility for day to day operations and business development. Prior to joining IGas Andrew has been involved in ventures as principal and has also raised substantial funds from private and public equity for clients during the course of his career to date. Andrew spent 17 years working in investment banking in the City of London with Merrill Lynch, Nomura, Citibank and Barclays Capital. Latterly he was general manager of Creditanstalt Investment Bank in London. He also has six years of management and consultancy experience with clean tech companies including Generics Group and Whitfield Solar.


Stephen Bowler - Chief Financial Officer


Steve, started his career at Touche Ross, now Deloitte, where he qualified as a chartered accountant having spent time in both their audit and corporate finance divisions. In 1999, Steve joined ABN Amro Hoare Govett, now RBS Hoare Govett, where he has acted as adviser and broker to a wide range of companies with a particular focus on E&P


John Blaymires - Chief Operating Officer


John has 27 years of international experience in the oil and gas industry gained with the Hess Corporation and Shell International. Before joining IGas he was Director of Technology Development for Hess based in Houston, where he helped develop a global engineering and geoscience technology group responsible for providing support across the E&P business, from deepwater to unconventional resources. Prior to that John was Technical Director for Hess’ operations in West Africa, and subsequently South East Asia with responsibility for several major oil and gas developments. John has a BSc and PhD in Mining Engineering from Leeds University


John Bryant - Senior Independent Non-Executive Director


John is the Chairman of AIM listed Weatherly International plc. He was until recently a board member of the Attiki Gas Company, which supplies natural gas to Athens and the surrounding districts. John previously served as president of Cinergy Global Resources Corp, responsible for all international business and global renewable power operations of this US based electricity and gas utility provider. Before joining Cinergy, John was executive director with Midlands Electricity plc. He has been involved in developing a number of large gas fired power stations both in the UK and overseas, together with both electricity and gas distribution in Europe and Africa, renewable power in Europe and North America and gas and electricity trading. His prior experience was at British Sugar plc, Drexel Limited, the British Oxygen Company and Unilever plc. Drexel, where he was president, was a global oil and gas equipment manufacturing and servicing company. John is a Fellow of the Institute of Directors and a Fellow of the Royal Society of Arts.


Richard Armstrong - Non-Executive Director


Richard is an associate with Fiske pic, the AIM quoted stockbrokers. He is a former equity analyst with extensive experience in reconstructing and raising capital for turnaround situations especially in the quoted microcap sector, such as Weatherly International pic and Artilium pic. In most cases, he has joined the Board of these companies and has played a major role in helping them to acquire or establish operating businesses. He is currently a Director of a number of unquoted companies.


John Hamilton - Non-Executive Director


John is the Managing Director of Levine Capital Management Advisors Limited, a UK incorporated company and Interim Chairman of President Petroleum Corporation Plc. John was previously the Group Finance Director of Imperial Energy Corporation Plc. Prior to joining Imperial Energy, John held senior positions at ABN AMRO.
Corporate Information

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

Contact Information

IGas Energy plc
International House
1-6 Yarmouth Place
London
W1J 7BU

Telephone +44 (0)207 993 9901
Email: enquiries@igasplc.com

Major Shareholders

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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