igasplc.com
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 makes “significant progress” as it finalises Star Energy acquisition
UK-focused gas producer IGas Energy (LON:IGAS) said this morning that it had made “significant progress” in recent months, after getting three wells from its current drilling campaign underway.
The firm is also heading towards decision day regarding gaining shareholder approval for its reverse takeover of Star Energy Group.
On September 19, IGas said it would drill between four and six wells by the second quarter of its 2012 financial year. Today, the firm said three wells have been completed, or are underway. Its DG-3 well at Doe Green, near Warrington, has drilled 1,500 feet of coal, while DG-4 spudded on October 10 and its Ince Marshes project, also in Cheshire, spudded on November 4.
IGas is currently operational at four sites: DG-3, DG-4, Inces Marshes and Ellesmere Port. Site construction is also underway at Barton, Salford.
Meanwhile, on December 9 IGas plans to hold a ‘general meeting’ in London at which it will seek shareholder approval for the acquisition of Star Energy Group from Petronas International Corporation. The £110 million acquisition comprises the UK onshore production assets of the Star Group. “This is a transformational deal for IGas Energy,” said Andrew Austin, IGas’s chief executive officer. “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. We are acquiring an experienced team and the enlarged IGas team will have the necessary capabilities to exploit both the existing assets and those being acquired as part of the acquisition.”
