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The company explores and develops gas and oil reserves at onshore locations in the northwest of England, in north Wales, in the East Midlands and in southern England.
With almost a decade of experience in onshore drilling, IGas is able to exploit prolific and lower-cost hydrocarbon reserves which contribute to Britain’s energy security while at the same time delivering value to IGas investors.
IGas Energy: Stephen Bowler to become CFO
Stephen Bowler is to become the chief financial officer at IGas Energy (LON:IGAS) as it continues its step-change in activity.
The 38-year-old will also join the board and he will take up the position on November 11, the company said.
Accountant Bowler started his career at Touche Ross, now Deloitte.
In 1999, he joined ABN Amro Hoare Govett, now RBS Hoare Govett, where he has acted as adviser and broker to a wide range of companies with a particular focus on E&P.
Chairman of IGas Energy Francis Gugen said he was delighted by the appointment
"I look forward to working with him and believe that he will make a strong contribution to IGas Energy as we continue our step change in activity," he said.
Bowler added: "This is an exciting time for IGas Energy with the accelerated drilling programme now under way and the anticipated transformational acquisition of Star Energy Group Limited. I am very much looking forward to joining the team and helping to create a substantial onshore oil and gas company in the UK."
Earlier this month, the company announced it was buying Star Energy Group’s UK onshore production assets.
IGas is paying £110 million (funded by a US$140 million new debt facility through Macquarie Bank) for the assets. These have been estimated at 11.1 million barrels of oil equivalent 2P reserves as well as 4.5 million barrels of 2C resources. The assets are estimated to produce 2,800 barrels of oil equivalent per day during 2011.
The deal will also give IGas the potential to significantly accelerate its tax losses since the firm will acquire significant tax losses from Star Energy that are readily utilisable, said IGas.
“This is a transformational deal for IGas Energy,” Andrew Austin, IGas’s chief executive officer, had said.
“With this acquisition we will be creating a substantial onshore oil and gas company in the UK. The enlarged group is expected to have a growing production profile as IGas Energy’s combined oil and gas resources are developed. It is anticipated that this growing production profile could potentially see the combined group being financed without the need for further recourse to additional equity."
