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<title>Proactiveinvestors United Kingdom IGas Energy Plc</title>
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<link></link>
<description><![CDATA[09.05.12 :-3.75, (62.25) Goldman Sachs reiterates its "buy" rating and raised its price target to 182p from 171p.]]></description>
<pubDate>Wed, 09 May 2012 00:00:00 +0100</pubDate>
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<title><![CDATA[News - Shale seen as potential solution to UK's energy crisis ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42389/shale-seen-as-potential-solution-to-uks-energy-crisis-42389.html</link>
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<pubDate>Mon, 07 May 2012 13:30:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy welcomes DECC’s report on shale gas and fracking in UK ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html</link>
<description><![CDATA[<p> </p>
<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
</p>
<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
<p> </p> ]]></description>
<pubDate>Wed, 18 Apr 2012 07:30:00 +0100</pubDate>
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<title><![CDATA[RNS press release - DECC consultation on Shale Gas and Fracking ]]></title>
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<title><![CDATA[News - Fracking report sparks investor interest in UK shale ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41592/fracking-report-sparks-investor-interest-in-uk-shale-41592.html</link>
<description><![CDATA[<p>Interest in Britain’s shale gas prospects was lifted today as a government appointed panel gave the green light for hydraulic ‘fracking’ to resume in Northern England.</p>]]></description>
<pubDate>Tue, 17 Apr 2012 15:34:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy looks for partner as shale gas reserves soar ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html</link>
<description><![CDATA[<p>IGas’s shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>]]></description>
<pubDate>Mon, 02 Apr 2012 16:34:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy says Cheshire shale reserves more than double previous forecast ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41011/igas-energy-says-cheshire-shale-reserves-more-than-double-previous-forecast-41011.html</link>
<description><![CDATA[<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ]]></description>
<pubDate>Mon, 02 Apr 2012 08:58:00 +0100</pubDate>
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<description><![CDATA[02.04.12: +0.75, (47.25) Press: IGas rose after it more than doubled its estimate of gas in place at its Doe Green site in Warrington and fields around the north-west England and started a search for an experienced partner after being approached by various companies. The firm now says the sites hold up to 4.6 trillion cubic feet of shale gas.Source - Mail]]></description>
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<title><![CDATA[RNS press release - Change of Adviser ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/</link>
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<pubDate>Thu, 01 Mar 2012 08:00:00 +0000</pubDate>
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<title><![CDATA[News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html</link>
<description><![CDATA[<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ]]></description>
<pubDate>Fri, 24 Feb 2012 10:48:00 +0000</pubDate>
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<description><![CDATA[20.02.12 :-1.12, (46.38) Canaccord Genuity cuts its price target to 101p from 185p.]]></description>
<pubDate>Mon, 20 Feb 2012 00:00:00 +0000</pubDate>
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<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Fri, 27 Jan 2012 12:01:00 +0000</pubDate>
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<description><![CDATA[27.01.12 :-1.37, (53.63) Canaccord Genuity raises its price target to 185p from 171p.]]></description>
<pubDate>Fri, 27 Jan 2012 00:00:00 +0000</pubDate>
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<pubDate>Thu, 26 Jan 2012 09:27:00 +0000</pubDate>
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<pubDate>Thu, 26 Jan 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Total Voting Rights ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/</link>
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<pubDate>Tue, 03 Jan 2012 07:00:00 +0000</pubDate>
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<link>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</link>
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<pubDate>Mon, 19 Dec 2011 11:04:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Admission of Shares to AIM ]]></title>
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<pubDate>Thu, 15 Dec 2011 14:08:00 +0000</pubDate>
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<title><![CDATA[News - IGas completes Star Energy acquisition ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html</link>
<description><![CDATA[<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ]]></description>
<pubDate>Thu, 15 Dec 2011 07:55:00 +0000</pubDate>
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"title" => "News - Shale seen as potential solution to UK's energy crisis",
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"description" => "<p>The fact that oil giant Royal Dutch Shell (LON:RDSB) confirmed in recent weeks its interest in UK shale points to the growing significance of this energy source. Finance chief Simon Henry was quoted as saying Shell was "taking a look" at the potential in the UK.</p>",
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"title" => "News - IGas Energy welcomes DECC’s report on shale gas and fracking in UK",
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<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
</p>
<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
<p> </p> ",
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"title" => "News - Fracking report sparks investor interest in UK shale",
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"title" => "News - IGas Energy says Cheshire shale reserves more than double previous forecast",
"pubdate" => "2012-04-02 08:58:00",
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"description" => "<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ",
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"title" => "News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results",
"pubdate" => "2012-02-24 10:48:00",
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"description" => "<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ",
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"title" => "News - IGas Energy: CBM gas is the priority despite surprise shale discovery ",
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"id" => "37003",
"title" => "News - IGas completes Star Energy acquisition ",
"pubdate" => "2011-12-15 07:55:00",
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"description" => "<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ",
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<description><![CDATA[<p> </p>
<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
</p>
<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
<p> </p> ]]></description>
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<description><![CDATA[<p>Interest in Britain’s shale gas prospects was lifted today as a government appointed panel gave the green light for hydraulic ‘fracking’ to resume in Northern England.</p>]]></description>
<pubDate>Tue, 17 Apr 2012 15:34:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy looks for partner as shale gas reserves soar ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html</link>
<description><![CDATA[<p>IGas’s shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>]]></description>
<pubDate>Mon, 02 Apr 2012 16:34:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy says Cheshire shale reserves more than double previous forecast ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41011/igas-energy-says-cheshire-shale-reserves-more-than-double-previous-forecast-41011.html</link>
<description><![CDATA[<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ]]></description>
<pubDate>Mon, 02 Apr 2012 08:58:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120402igas5461a/</link>
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<pubDate>Mon, 02 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120402igas5461a/</guid>
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<title><![CDATA[Broker press ]]></title>
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<description><![CDATA[02.04.12: +0.75, (47.25) Press: IGas rose after it more than doubled its estimate of gas in place at its Doe Green site in Warrington and fields around the north-west England and started a search for an experienced partner after being approached by various companies. The firm now says the sites hold up to 4.6 trillion cubic feet of shale gas.Source - Mail]]></description>
<pubDate>Mon, 02 Apr 2012 00:00:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Change of Adviser ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 01 Mar 2012 08:00:00 +0000</pubDate>
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<title><![CDATA[News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html</link>
<description><![CDATA[<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ]]></description>
<pubDate>Fri, 24 Feb 2012 10:48:00 +0000</pubDate>
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<description><![CDATA[20.02.12 :-1.12, (46.38) Canaccord Genuity cuts its price target to 101p from 185p.]]></description>
<pubDate>Mon, 20 Feb 2012 00:00:00 +0000</pubDate>
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<title><![CDATA[News - IGas Energy: CBM gas is the priority despite surprise shale discovery ]]></title>
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<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Fri, 27 Jan 2012 12:01:00 +0000</pubDate>
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<description><![CDATA[27.01.12 :-1.37, (53.63) Canaccord Genuity raises its price target to 185p from 171p.]]></description>
<pubDate>Fri, 27 Jan 2012 00:00:00 +0000</pubDate>
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<title><![CDATA[News - IGas Energy finds ‘very significant’ shale gas in Cheshire ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38252/igas-energy-finds-very-significant-shale-gas-in-cheshire-38252.html</link>
<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Thu, 26 Jan 2012 09:27:00 +0000</pubDate>
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<link>http://www.proactiveinvestors.co.uk/companies/rns/120126igas1992w/</link>
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<pubDate>Thu, 26 Jan 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Total Voting Rights ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/</link>
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<pubDate>Tue, 03 Jan 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/</guid>
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<title><![CDATA[RNS press release - Holdings in Company ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 19 Dec 2011 11:04:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</guid>
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<title><![CDATA[RNS press release - Admission of Shares to AIM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111215igas0744u/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 15 Dec 2011 14:08:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111215igas0744u/</guid>
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<title><![CDATA[News - IGas completes Star Energy acquisition ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html</link>
<description><![CDATA[<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ]]></description>
<pubDate>Thu, 15 Dec 2011 07:55:00 +0000</pubDate>
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<title><![CDATA[News - Shale seen as potential solution to UK's energy crisis ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42389/shale-seen-as-potential-solution-to-uks-energy-crisis-42389.html</link>
<description><![CDATA[<p>The fact that oil giant Royal Dutch Shell (LON:RDSB) confirmed in recent weeks its interest in UK shale points to the growing significance of this energy source. Finance chief Simon Henry was quoted as saying Shell was "taking a look" at the potential in the UK.</p>]]></description>
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<title><![CDATA[News - IGas Energy welcomes DECC’s report on shale gas and fracking in UK ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html</link>
<description><![CDATA[<p> </p>
<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
</p>
<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
<p> </p> ]]></description>
<pubDate>Wed, 18 Apr 2012 07:30:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html</guid>
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<title><![CDATA[RNS press release - DECC consultation on Shale Gas and Fracking ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120418igas5421b/</link>
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<pubDate>Wed, 18 Apr 2012 07:00:00 +0100</pubDate>
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<title><![CDATA[News - Fracking report sparks investor interest in UK shale ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41592/fracking-report-sparks-investor-interest-in-uk-shale-41592.html</link>
<description><![CDATA[<p>Interest in Britain’s shale gas prospects was lifted today as a government appointed panel gave the green light for hydraulic ‘fracking’ to resume in Northern England.</p>]]></description>
<pubDate>Tue, 17 Apr 2012 15:34:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy looks for partner as shale gas reserves soar ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html</link>
<description><![CDATA[<p>IGas’s shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>]]></description>
<pubDate>Mon, 02 Apr 2012 16:34:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy says Cheshire shale reserves more than double previous forecast ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41011/igas-energy-says-cheshire-shale-reserves-more-than-double-previous-forecast-41011.html</link>
<description><![CDATA[<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ]]></description>
<pubDate>Mon, 02 Apr 2012 08:58:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
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<pubDate>Mon, 02 Apr 2012 07:00:00 +0100</pubDate>
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<description><![CDATA[02.04.12: +0.75, (47.25) Press: IGas rose after it more than doubled its estimate of gas in place at its Doe Green site in Warrington and fields around the north-west England and started a search for an experienced partner after being approached by various companies. The firm now says the sites hold up to 4.6 trillion cubic feet of shale gas.Source - Mail]]></description>
<pubDate>Mon, 02 Apr 2012 00:00:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Change of Adviser ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/</link>
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<pubDate>Thu, 01 Mar 2012 08:00:00 +0000</pubDate>
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<title><![CDATA[News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html</link>
<description><![CDATA[<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ]]></description>
<pubDate>Fri, 24 Feb 2012 10:48:00 +0000</pubDate>
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<description><![CDATA[20.02.12 :-1.12, (46.38) Canaccord Genuity cuts its price target to 101p from 185p.]]></description>
<pubDate>Mon, 20 Feb 2012 00:00:00 +0000</pubDate>
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<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Fri, 27 Jan 2012 12:01:00 +0000</pubDate>
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<description><![CDATA[27.01.12 :-1.37, (53.63) Canaccord Genuity raises its price target to 185p from 171p.]]></description>
<pubDate>Fri, 27 Jan 2012 00:00:00 +0000</pubDate>
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<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Thu, 26 Jan 2012 09:27:00 +0000</pubDate>
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<pubDate>Thu, 26 Jan 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Total Voting Rights ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/</link>
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<pubDate>Tue, 03 Jan 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Holdings in Company ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</link>
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<pubDate>Mon, 19 Dec 2011 11:04:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</guid>
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<title><![CDATA[RNS press release - Admission of Shares to AIM ]]></title>
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<pubDate>Thu, 15 Dec 2011 14:08:00 +0000</pubDate>
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<title><![CDATA[News - IGas completes Star Energy acquisition ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html</link>
<description><![CDATA[<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ]]></description>
<pubDate>Thu, 15 Dec 2011 07:55:00 +0000</pubDate>
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<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
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<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html"
),
array(
"id" => "120418igas5421b",
"title" => "RNS press release - DECC consultation on Shale Gas and Fracking",
"pubdate" => "2012-04-18 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120418igas5421b/"
),
array(
"id" => "41592",
"title" => "News - Fracking report sparks investor interest in UK shale",
"pubdate" => "2012-04-17 15:34:00",
"seftitle" => "fracking-report-sparks-investor-interest-in-uk-shale-41592.html",
"description" => "<p>Interest in Britain’s shale gas prospects was lifted today as a government appointed panel gave the green light for hydraulic ‘fracking’ to resume in Northern England.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/41592/fracking-report-sparks-investor-interest-in-uk-shale-41592.html"
),
array(
"id" => "41034",
"title" => "News - IGas Energy looks for partner as shale gas reserves soar",
"pubdate" => "2012-04-02 16:34:00",
"seftitle" => "igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html",
"description" => "<p>IGas’s shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html"
),
array(
"id" => "41011",
"title" => "News - IGas Energy says Cheshire shale reserves more than double previous forecast",
"pubdate" => "2012-04-02 08:58:00",
"seftitle" => "igas-energy-says-cheshire-shale-reserves-more-than-double-previous-forecast-41011.html",
"description" => "<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/41011/igas-energy-says-cheshire-shale-reserves-more-than-double-previous-forecast-41011.html"
),
array(
"id" => "120402igas5461a",
"title" => "RNS press release - Operational Update",
"pubdate" => "2012-04-02 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120402igas5461a/"
),
array(
"id" => "",
"title" => "Broker press",
"pubdate" => "2012-04-02 00:00:00",
"seftitle" => "",
"description" => "02.04.12: +0.75, (47.25) Press: IGas rose after it more than doubled its estimate of gas in place at its Doe Green site in Warrington and fields around the north-west England and started a search for an experienced partner after being approached by various companies. The firm now says the sites hold up to 4.6 trillion cubic feet of shale gas.Source - Mail",
"link" => ""
),
array(
"id" => "120301igas4595y",
"title" => "RNS press release - Change of Adviser",
"pubdate" => "2012-03-01 08:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/"
),
array(
"id" => "39392",
"title" => "News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results",
"pubdate" => "2012-02-24 10:48:00",
"seftitle" => "numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html",
"description" => "<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html"
),
array(
"id" => "",
"title" => "Broker press",
"pubdate" => "2012-02-20 00:00:00",
"seftitle" => "",
"description" => "20.02.12 :-1.12, (46.38) Canaccord Genuity cuts its price target to 101p from 185p.",
"link" => ""
),
array(
"id" => "38284",
"title" => "News - IGas Energy: CBM gas is the priority despite surprise shale discovery ",
"pubdate" => "2012-01-27 12:01:00",
"seftitle" => "igas-energy-cbm-gas-is-the-priority-despite-surprise-shale-discovery--38284.html",
"description" => "<p>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.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38284/igas-energy-cbm-gas-is-the-priority-despite-surprise-shale-discovery--38284.html"
),
array(
"id" => "",
"title" => "Broker press",
"pubdate" => "2012-01-27 00:00:00",
"seftitle" => "",
"description" => "27.01.12 :-1.37, (53.63) Canaccord Genuity raises its price target to 185p from 171p.",
"link" => ""
),
array(
"id" => "38252",
"title" => "News - IGas Energy finds ‘very significant’ shale gas in Cheshire",
"pubdate" => "2012-01-26 09:27:00",
"seftitle" => "igas-energy-finds-very-significant-shale-gas-in-cheshire-38252.html",
"description" => "<p>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.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38252/igas-energy-finds-very-significant-shale-gas-in-cheshire-38252.html"
),
array(
"id" => "120126igas1992w",
"title" => "RNS press release - Operational update",
"pubdate" => "2012-01-26 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120126igas1992w/"
),
array(
"id" => "120103igas8348u",
"title" => "RNS press release - Total Voting Rights",
"pubdate" => "2012-01-03 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/"
),
array(
"id" => "111219igas2316u",
"title" => "RNS press release - Holdings in Company",
"pubdate" => "2011-12-19 11:04:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/"
),
array(
"id" => "111215igas0744u",
"title" => "RNS press release - Admission of Shares to AIM",
"pubdate" => "2011-12-15 14:08:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111215igas0744u/"
),
array(
"id" => "37003",
"title" => "News - IGas completes Star Energy acquisition ",
"pubdate" => "2011-12-15 07:55:00",
"seftitle" => "igas-completes-star-energy-acquisition--37003.html",
"description" => "<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html"
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<link></link>
<description><![CDATA[09.05.12 :-3.75, (62.25) Goldman Sachs reiterates its "buy" rating and raised its price target to 182p from 171p.]]></description>
<pubDate>Wed, 09 May 2012 00:00:00 +0100</pubDate>
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<title><![CDATA[News - Shale seen as potential solution to UK's energy crisis ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42389/shale-seen-as-potential-solution-to-uks-energy-crisis-42389.html</link>
<description><![CDATA[<p>The fact that oil giant Royal Dutch Shell (LON:RDSB) confirmed in recent weeks its interest in UK shale points to the growing significance of this energy source. Finance chief Simon Henry was quoted as saying Shell was "taking a look" at the potential in the UK.</p>]]></description>
<pubDate>Mon, 07 May 2012 13:30:00 +0100</pubDate>
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<item>
<title><![CDATA[News - IGas Energy welcomes DECC’s report on shale gas and fracking in UK ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html</link>
<description><![CDATA[<p> </p>
<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
</p>
<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
<p> </p> ]]></description>
<pubDate>Wed, 18 Apr 2012 07:30:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - DECC consultation on Shale Gas and Fracking ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120418igas5421b/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 18 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120418igas5421b/</guid>
</item>
<item>
<title><![CDATA[News - Fracking report sparks investor interest in UK shale ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41592/fracking-report-sparks-investor-interest-in-uk-shale-41592.html</link>
<description><![CDATA[<p>Interest in Britain’s shale gas prospects was lifted today as a government appointed panel gave the green light for hydraulic ‘fracking’ to resume in Northern England.</p>]]></description>
<pubDate>Tue, 17 Apr 2012 15:34:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41592/fracking-report-sparks-investor-interest-in-uk-shale-41592.html</guid>
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<item>
<title><![CDATA[News - IGas Energy looks for partner as shale gas reserves soar ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html</link>
<description><![CDATA[<p>IGas’s shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>]]></description>
<pubDate>Mon, 02 Apr 2012 16:34:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html</guid>
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<item>
<title><![CDATA[News - IGas Energy says Cheshire shale reserves more than double previous forecast ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41011/igas-energy-says-cheshire-shale-reserves-more-than-double-previous-forecast-41011.html</link>
<description><![CDATA[<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ]]></description>
<pubDate>Mon, 02 Apr 2012 08:58:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120402igas5461a/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 02 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120402igas5461a/</guid>
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<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[02.04.12: +0.75, (47.25) Press: IGas rose after it more than doubled its estimate of gas in place at its Doe Green site in Warrington and fields around the north-west England and started a search for an experienced partner after being approached by various companies. The firm now says the sites hold up to 4.6 trillion cubic feet of shale gas.Source - Mail]]></description>
<pubDate>Mon, 02 Apr 2012 00:00:00 +0100</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[RNS press release - Change of Adviser ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 01 Mar 2012 08:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/</guid>
</item>
<item>
<title><![CDATA[News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html</link>
<description><![CDATA[<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ]]></description>
<pubDate>Fri, 24 Feb 2012 10:48:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html</guid>
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<description><![CDATA[20.02.12 :-1.12, (46.38) Canaccord Genuity cuts its price target to 101p from 185p.]]></description>
<pubDate>Mon, 20 Feb 2012 00:00:00 +0000</pubDate>
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<title><![CDATA[News - IGas Energy: CBM gas is the priority despite surprise shale discovery ]]></title>
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<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Fri, 27 Jan 2012 12:01:00 +0000</pubDate>
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<description><![CDATA[27.01.12 :-1.37, (53.63) Canaccord Genuity raises its price target to 185p from 171p.]]></description>
<pubDate>Fri, 27 Jan 2012 00:00:00 +0000</pubDate>
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<title><![CDATA[News - IGas Energy finds ‘very significant’ shale gas in Cheshire ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38252/igas-energy-finds-very-significant-shale-gas-in-cheshire-38252.html</link>
<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Thu, 26 Jan 2012 09:27:00 +0000</pubDate>
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<link>http://www.proactiveinvestors.co.uk/companies/rns/120126igas1992w/</link>
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<pubDate>Thu, 26 Jan 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120126igas1992w/</guid>
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<title><![CDATA[RNS press release - Total Voting Rights ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/</link>
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<pubDate>Tue, 03 Jan 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/</guid>
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<title><![CDATA[RNS press release - Holdings in Company ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 19 Dec 2011 11:04:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</guid>
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<title><![CDATA[RNS press release - Admission of Shares to AIM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111215igas0744u/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 15 Dec 2011 14:08:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111215igas0744u/</guid>
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<title><![CDATA[News - IGas completes Star Energy acquisition ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html</link>
<description><![CDATA[<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ]]></description>
<pubDate>Thu, 15 Dec 2011 07:55:00 +0000</pubDate>
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<description><![CDATA[09.05.12 :-3.75, (62.25) Goldman Sachs reiterates its "buy" rating and raised its price target to 182p from 171p.]]></description>
<pubDate>Wed, 09 May 2012 00:00:00 +0100</pubDate>
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<title><![CDATA[News - Shale seen as potential solution to UK's energy crisis ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42389/shale-seen-as-potential-solution-to-uks-energy-crisis-42389.html</link>
<description><![CDATA[<p>The fact that oil giant Royal Dutch Shell (LON:RDSB) confirmed in recent weeks its interest in UK shale points to the growing significance of this energy source. Finance chief Simon Henry was quoted as saying Shell was "taking a look" at the potential in the UK.</p>]]></description>
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<title><![CDATA[News - IGas Energy welcomes DECC’s report on shale gas and fracking in UK ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html</link>
<description><![CDATA[<p> </p>
<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
</p>
<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
<p> </p> ]]></description>
<pubDate>Wed, 18 Apr 2012 07:30:00 +0100</pubDate>
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<title><![CDATA[RNS press release - DECC consultation on Shale Gas and Fracking ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120418igas5421b/</link>
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<pubDate>Wed, 18 Apr 2012 07:00:00 +0100</pubDate>
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<title><![CDATA[News - Fracking report sparks investor interest in UK shale ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41592/fracking-report-sparks-investor-interest-in-uk-shale-41592.html</link>
<description><![CDATA[<p>Interest in Britain’s shale gas prospects was lifted today as a government appointed panel gave the green light for hydraulic ‘fracking’ to resume in Northern England.</p>]]></description>
<pubDate>Tue, 17 Apr 2012 15:34:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy looks for partner as shale gas reserves soar ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html</link>
<description><![CDATA[<p>IGas’s shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>]]></description>
<pubDate>Mon, 02 Apr 2012 16:34:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy says Cheshire shale reserves more than double previous forecast ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41011/igas-energy-says-cheshire-shale-reserves-more-than-double-previous-forecast-41011.html</link>
<description><![CDATA[<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ]]></description>
<pubDate>Mon, 02 Apr 2012 08:58:00 +0100</pubDate>
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<description><![CDATA[02.04.12: +0.75, (47.25) Press: IGas rose after it more than doubled its estimate of gas in place at its Doe Green site in Warrington and fields around the north-west England and started a search for an experienced partner after being approached by various companies. The firm now says the sites hold up to 4.6 trillion cubic feet of shale gas.Source - Mail]]></description>
<pubDate>Mon, 02 Apr 2012 00:00:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Change of Adviser ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/</link>
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<pubDate>Thu, 01 Mar 2012 08:00:00 +0000</pubDate>
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<title><![CDATA[News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html</link>
<description><![CDATA[<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ]]></description>
<pubDate>Fri, 24 Feb 2012 10:48:00 +0000</pubDate>
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<description><![CDATA[20.02.12 :-1.12, (46.38) Canaccord Genuity cuts its price target to 101p from 185p.]]></description>
<pubDate>Mon, 20 Feb 2012 00:00:00 +0000</pubDate>
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<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Fri, 27 Jan 2012 12:01:00 +0000</pubDate>
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<description><![CDATA[27.01.12 :-1.37, (53.63) Canaccord Genuity raises its price target to 185p from 171p.]]></description>
<pubDate>Fri, 27 Jan 2012 00:00:00 +0000</pubDate>
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<title><![CDATA[News - IGas Energy finds ‘very significant’ shale gas in Cheshire ]]></title>
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<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Thu, 26 Jan 2012 09:27:00 +0000</pubDate>
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<pubDate>Thu, 26 Jan 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Total Voting Rights ]]></title>
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<pubDate>Tue, 03 Jan 2012 07:00:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Holdings in Company ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</link>
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<pubDate>Mon, 19 Dec 2011 11:04:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Admission of Shares to AIM ]]></title>
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<pubDate>Thu, 15 Dec 2011 14:08:00 +0000</pubDate>
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<title><![CDATA[News - IGas completes Star Energy acquisition ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html</link>
<description><![CDATA[<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ]]></description>
<pubDate>Thu, 15 Dec 2011 07:55:00 +0000</pubDate>
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<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
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<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
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"title" => "News - IGas Energy says Cheshire shale reserves more than double previous forecast",
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"description" => "<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ",
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"title" => "Broker press",
"pubdate" => "2012-04-02 00:00:00",
"seftitle" => "",
"description" => "02.04.12: +0.75, (47.25) Press: IGas rose after it more than doubled its estimate of gas in place at its Doe Green site in Warrington and fields around the north-west England and started a search for an experienced partner after being approached by various companies. The firm now says the sites hold up to 4.6 trillion cubic feet of shale gas.Source - Mail",
"link" => ""
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array(
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"title" => "RNS press release - Change of Adviser",
"pubdate" => "2012-03-01 08:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/"
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array(
"id" => "39392",
"title" => "News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results",
"pubdate" => "2012-02-24 10:48:00",
"seftitle" => "numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html",
"description" => "<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html"
),
array(
"id" => "",
"title" => "Broker press",
"pubdate" => "2012-02-20 00:00:00",
"seftitle" => "",
"description" => "20.02.12 :-1.12, (46.38) Canaccord Genuity cuts its price target to 101p from 185p.",
"link" => ""
),
array(
"id" => "38284",
"title" => "News - IGas Energy: CBM gas is the priority despite surprise shale discovery ",
"pubdate" => "2012-01-27 12:01:00",
"seftitle" => "igas-energy-cbm-gas-is-the-priority-despite-surprise-shale-discovery--38284.html",
"description" => "<p>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.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38284/igas-energy-cbm-gas-is-the-priority-despite-surprise-shale-discovery--38284.html"
),
array(
"id" => "",
"title" => "Broker press",
"pubdate" => "2012-01-27 00:00:00",
"seftitle" => "",
"description" => "27.01.12 :-1.37, (53.63) Canaccord Genuity raises its price target to 185p from 171p.",
"link" => ""
),
array(
"id" => "38252",
"title" => "News - IGas Energy finds ‘very significant’ shale gas in Cheshire",
"pubdate" => "2012-01-26 09:27:00",
"seftitle" => "igas-energy-finds-very-significant-shale-gas-in-cheshire-38252.html",
"description" => "<p>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.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38252/igas-energy-finds-very-significant-shale-gas-in-cheshire-38252.html"
),
array(
"id" => "120126igas1992w",
"title" => "RNS press release - Operational update",
"pubdate" => "2012-01-26 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120126igas1992w/"
),
array(
"id" => "120103igas8348u",
"title" => "RNS press release - Total Voting Rights",
"pubdate" => "2012-01-03 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/"
),
array(
"id" => "111219igas2316u",
"title" => "RNS press release - Holdings in Company",
"pubdate" => "2011-12-19 11:04:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/"
),
array(
"id" => "111215igas0744u",
"title" => "RNS press release - Admission of Shares to AIM",
"pubdate" => "2011-12-15 14:08:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111215igas0744u/"
),
array(
"id" => "37003",
"title" => "News - IGas completes Star Energy acquisition ",
"pubdate" => "2011-12-15 07:55:00",
"seftitle" => "igas-completes-star-energy-acquisition--37003.html",
"description" => "<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html"
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<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[09.05.12 :-3.75, (62.25) Goldman Sachs reiterates its "buy" rating and raised its price target to 182p from 171p.]]></description>
<pubDate>Wed, 09 May 2012 00:00:00 +0100</pubDate>
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<title><![CDATA[News - Shale seen as potential solution to UK's energy crisis ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42389/shale-seen-as-potential-solution-to-uks-energy-crisis-42389.html</link>
<description><![CDATA[<p>The fact that oil giant Royal Dutch Shell (LON:RDSB) confirmed in recent weeks its interest in UK shale points to the growing significance of this energy source. Finance chief Simon Henry was quoted as saying Shell was "taking a look" at the potential in the UK.</p>]]></description>
<pubDate>Mon, 07 May 2012 13:30:00 +0100</pubDate>
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<title><![CDATA[News - IGas Energy welcomes DECC’s report on shale gas and fracking in UK ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html</link>
<description><![CDATA[<p> </p>
<p>IGas Energy (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).</p>
<p>The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.</p>
<p>
<p>A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.</p>
<p>A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.</p>
</p>
<p>IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.</p>
<p>The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’. </p>
<p>And IGas says it will be responding positively during the consultation period that follows the DECC report.</p>
<p>IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.</p>
<p>Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.</p>
<p>IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas. </p>
<p>It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet. </p>
<p>The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.</p>
<p>“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.</p>
<p> </p> ]]></description>
<pubDate>Wed, 18 Apr 2012 07:30:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41625/igas-energy-welcomes-deccs-report-on-shale-gas-and-fracking-in-uk-41625.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - DECC consultation on Shale Gas and Fracking ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120418igas5421b/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 18 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120418igas5421b/</guid>
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<item>
<title><![CDATA[News - Fracking report sparks investor interest in UK shale ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41592/fracking-report-sparks-investor-interest-in-uk-shale-41592.html</link>
<description><![CDATA[<p>Interest in Britain’s shale gas prospects was lifted today as a government appointed panel gave the green light for hydraulic ‘fracking’ to resume in Northern England.</p>]]></description>
<pubDate>Tue, 17 Apr 2012 15:34:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41592/fracking-report-sparks-investor-interest-in-uk-shale-41592.html</guid>
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<item>
<title><![CDATA[News - IGas Energy looks for partner as shale gas reserves soar ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html</link>
<description><![CDATA[<p>IGas’s shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>]]></description>
<pubDate>Mon, 02 Apr 2012 16:34:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41034/igas-energy-looks-for-partner-as-shale-gas-reserves-soar-41034.html</guid>
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<item>
<title><![CDATA[News - IGas Energy says Cheshire shale reserves more than double previous forecast ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41011/igas-energy-says-cheshire-shale-reserves-more-than-double-previous-forecast-41011.html</link>
<description><![CDATA[<p>IGas’s (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) shale gas reserves at its Ince Marshes prospect in Cheshire could be double its previous estimates and it is now looking for a farm-in partner.</p>
<p>The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.</p>
<p>Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.</p>
<p>IGas said it had commissioned the export equipment and all three wells are now connected to the facilities. </p>
<p>The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.</p>
<p>A revised independent resource estimate on the conventional assets is expected by the summer.</p>
<p>It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.</p>
<p>Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).</p>
<p>Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource. </p>
<p>"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe. </p>
<p>"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."</p> ]]></description>
<pubDate>Mon, 02 Apr 2012 08:58:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120402igas5461a/</link>
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<pubDate>Mon, 02 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120402igas5461a/</guid>
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<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[02.04.12: +0.75, (47.25) Press: IGas rose after it more than doubled its estimate of gas in place at its Doe Green site in Warrington and fields around the north-west England and started a search for an experienced partner after being approached by various companies. The firm now says the sites hold up to 4.6 trillion cubic feet of shale gas.Source - Mail]]></description>
<pubDate>Mon, 02 Apr 2012 00:00:00 +0100</pubDate>
<guid></guid>
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<title><![CDATA[RNS press release - Change of Adviser ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 01 Mar 2012 08:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120301igas4595y/</guid>
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<item>
<title><![CDATA[News - Numis repeats 'buy' recommendation on IGas Energy ahead of Doe Green flow test results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html</link>
<description><![CDATA[<p>According to Numis, investors have overlooked the potential offered by <strong>IGas Energy’s (<a href="/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>)</strong> coal bed methane (CBM) gas portfolio and upheld its ‘buy’ recommendation on the stock.<br /><br />The broker also reiterated its 151 pence price target for IGas, more than triple its yesterday’s closing price of 49.5 pence.<br /><br />IGas is currently focused on developing its Doe Green CBM site between Widnes and Warrington, where the firm has recently completed the ‘in-coal’ drilling phase for two new wells, DG-3 and DG-4.<br /><br />The firm expects to start work on the production completion operations, which includes de-watering, for the two wells in the coming days, which will be followed by testing.<br /><br />IGas has so far reported 3,500 feet of coal contact from three horizontal wells drilled at Doe Green with each drilled into a unique coal seam. Flow rates from these wells have averaged 50 million cubic feet per day per 1,000 feet of lateral.<br /><br />The results from the fourth well, DG-4, are expected at the end of March.<br /><br />If this well can duplicate the performance of the previous three wells, Matthew Lambourne said the company will be able to declare Doe Green a commercial CBM site with proved and probable (2P) reserves of 7.4 million barrels of oil equivalent.<br /><br />Lambourne added that the huge areal extent of the coals beneath Doe Green means that some of the seams extend into the company’s other CBM development sites including Irlam.<br /><br />“If Doe Green is commercial we believe an independent auditor may extrapolate Doe Green's performance to neighbouring sites, potentially leading to additional contingent resource being migrated to 2P reserve status,” the analyst said in today’s note.<br /><br />Based on the flow rates report from Doe Green to date, Lambourne estimates the field could produce up to five million cubic feet of gas per day.<br /><br />“Multiplying this across IGas's various CBM development assets shows the long-term potential of the company's significant 1.8 trillion cubic feet resource,” said Lambourne.</p> ]]></description>
<pubDate>Fri, 24 Feb 2012 10:48:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39392/numis-repeats-buy-recommendation-on-igas-energy-ahead-of-doe-green-flow-test-results-39392.html</guid>
</item>
<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[20.02.12 :-1.12, (46.38) Canaccord Genuity cuts its price target to 101p from 185p.]]></description>
<pubDate>Mon, 20 Feb 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - IGas Energy: CBM gas is the priority despite surprise shale discovery ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38284/igas-energy-cbm-gas-is-the-priority-despite-surprise-shale-discovery--38284.html</link>
<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Fri, 27 Jan 2012 12:01:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38284/igas-energy-cbm-gas-is-the-priority-despite-surprise-shale-discovery--38284.html</guid>
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<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[27.01.12 :-1.37, (53.63) Canaccord Genuity raises its price target to 185p from 171p.]]></description>
<pubDate>Fri, 27 Jan 2012 00:00:00 +0000</pubDate>
<guid></guid>
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<item>
<title><![CDATA[News - IGas Energy finds ‘very significant’ shale gas in Cheshire ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38252/igas-energy-finds-very-significant-shale-gas-in-cheshire-38252.html</link>
<description><![CDATA[<p>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.</p>]]></description>
<pubDate>Thu, 26 Jan 2012 09:27:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38252/igas-energy-finds-very-significant-shale-gas-in-cheshire-38252.html</guid>
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<title><![CDATA[RNS press release - Operational update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120126igas1992w/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 26 Jan 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120126igas1992w/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Total Voting Rights ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 03 Jan 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120103igas8348u/</guid>
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<item>
<title><![CDATA[RNS press release - Holdings in Company ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 19 Dec 2011 11:04:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219igas2316u/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Admission of Shares to AIM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111215igas0744u/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 15 Dec 2011 14:08:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111215igas0744u/</guid>
</item>
<item>
<title><![CDATA[News - IGas completes Star Energy acquisition ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html</link>
<description><![CDATA[<p>UK oil and gas firm IGas Energy (<a href="http://www.proactiveinvestors.co.uk/companies/overview/869/igas-energy-plc-0869.html" class="companyPopupTrigger" rel="869">LON:IGAS</a>) today confirmed that it has closed the deal to acquire Star Energy from PETRONAS International.</p>
<p>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.</p>
<p>The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.</p>
<p>This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.</p>
<p>IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.</p>
<p>“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us. </p>
<p>“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"</p>
<p>Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net). </p>
<p>IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank. </p>
<p> </p> ]]></description>
<pubDate>Thu, 15 Dec 2011 07:55:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37003/igas-completes-star-energy-acquisition--37003.html</guid>
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IGas Energy (LON:IGAS) has released a statement welcoming yesterday’s fracking report from an expert panel appointed by the Department of Energy and Climate Change (DECC).
The report was a response to the environmental impact of fracking in the north of England, near Blackpool, after privately owned Cuadrilla Resources had to halt drilling last year following a number of small tremors.
A panel of experts has now concluded that there was no reason why Cuadrilla could not resume fracking operations under tighter regulatory conditions and monitoring.
A six week public consultation will now follow, before the DECC finalises its new set of rules for fracking in the UK.
IGas said today it fully supports the view that if shale gas is to be part of the UK's energy mix there needs to be a good understanding of potential environmental impacts as well as the things that can be done to mitigate those impacts.
The company also said it supports the recommendation for ‘an effective monitoring system and a traffic light control regime’.
And IGas says it will be responding positively during the consultation period that follows the DECC report.
IGas highlights that it is one of the largest onshore producers of hydrocarbons in the UK with a track record since the early 1980's, including more recently pilot sites for the extraction of coal bed methane in the North West of England.
Its interests include a variety of onshore hydrocarbons including conventional oil and gas, coal bed methane and shale gas.
IGas’s primary focus is coal-bed methane, a type of unconventional gas found in coal seams. But, in January a CBM well in Cheshire hit what IGas described as a ‘very significant’ amount of shale gas.
It is thought that the Ince Marshes discovery could be at least twice the size of the original pre-drill estimate of 4.6 trillion cubic feet.
The firm is now undertaking a formal process to find a partner for the shale project after it received a number of approaches over possible farm-ins. Once in place the venture will asses and subsequently develop the potentially significant shale resource.
“As is the case with all IGas Energy sites, we will only start to develop our shale resource following full community consultation and alongside a comprehensive planning process with all relevant agencies including DECC, the HSE and the Environment Agency,” IGas said.
]]>
The energy group said that after looking at the data from its first well at the field, near Warrington, reserves could be twice the independent pre-drill estimate of 4.6Tcf.
Elsewhere, the group added that its coal bed methane (CBM) wells at Doe Green have started dewatering and are showing early gas, though the rates have yet to stabilise.
IGas said it had commissioned the export equipment and all three wells are now connected to the facilities.
The company's production assets, bought in with the acquisition of Star Energy last year for £10 million, averaged production of 2700 barrels daily, 20 per cent ahead of CPR estimates, in the first three months of 2012.
A revised independent resource estimate on the conventional assets is expected by the summer.
It also intends to apply for planning permission to bring the Albury gas field in the Weald Basin on stream in 2013.
Part of Star Energy, Albury was suspended following the drilling of a well for potential gas storage use but IGas has now flow tested a well at the field, which produced at a rate of up to 1.5 MMscf/day (260 boe/d).
Andrew Austin, chief executive, said: "Ince Marshes-1 is a particular highlight, potentially at least doubling the independent pre-drill estimate of 4.6Tcf of shale resource.
"Our shale potential offers a significant opportunity for the company and to potential partners, in addition to our CBM resource base of over 300 million boe.
"The UK Government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."
]]>The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.
The firm’s 1P reserves now stand at 6.5 million barrels oil equivalent, while 2P reserves are 11.1 million barrels and 3P comes in at 16.7 million. Resources are now 241-412 million barrels (1C to 3C) and the in-place numbers range 904 million to 4.1 billion barrels of oil equivalent.
This is the group’s second major completion during 2011, after it acquired the assets of its JV partner Nexen UK in the first quarter, and it greatly strengthens the company’s position.
IGas chief executive Andrew Austin said: "2011 has been a transformational year for our company.
“Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us.
“We now have the combination of assets and capability to deliver significant value on behalf of shareholders"
Notably the deal includes a gas sales agreement with PETRONAS, whereby IGas sells its first 150 billion cubic feet of gas to the vendor at market derived rates. In this respect IGas confirmed that that 1,500 boepd of next year’s production has been pre-sold at US$93.4 per barrel (net).
IGas is paying £110 million to buy Star Energy’s assets. This has been funded by a US$140 million new debt facility through Macquarie Bank.
]]>