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Additional Information
Market: AIM
Sector: Energy
EPIC: IGAS
Latest Price: 66.50p  (1.14% Ascending)
52-week High: 74.00p
52-week Low: 42.00p
Market Cap: 107.87M
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IGas Energy Plc
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.

 

Full IGas Energy Plc profile here
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IGas completes Star Energy acquisition

15th Dec 2011, 7:55 am by Jamie Ashcroft The deal takes the group’s production profile beyond the 2,500 barrels of oil equivalent marker.

UK oil and gas firm IGas Energy (LON:IGAS) today confirmed that it has closed the deal to acquire  Star Energy from PETRONAS International.

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. 

 

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