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IGas (LON:IGAS) shares advanced around 7.5% on Thursday amid government plans which could fast-track planning decisions for shale gas and fracking projects.
New government measures will give local councils up to 16 weeks to either grant or deny fracking before Westminster steps in.
The decision making would then be in the hands of the central government.
Amber Rudd, the energy secretary, said: “To ensure we get this industry up and running we can’t have a planning system that sees applications dragged out for months, or even years on end.”
This new ‘fast track’ process comes into effect from today.
The British oil and gas firm - which is partnered in INEOS, EDF and Total in shale projects - said the government’s announcement gives clarity on the timetable for planning decisions.
“Domestically produced shale gas has the potential to provide a real alternative to imports, creating and protecting many thousands of jobs, providing taxes and business rates to local authorities and additional benefits to local communities,” the company said in a statement.
IGas highlighted its 30 year record of safely and successfully extracting oil and gas onshore in Britain.
“We will continue to ensure that any risks or environmental impacts are minimised,” it added.
“We also recognise that long term sustainable community engagement is critical to ensuring we maintain our social licence to operate and we are committed to working closely with our neighbours in the areas in which we operate.”
It also highlighted that over a third of the UK’s energy needs, including heating 80% of homes, relies upon gas and claims that more than 80,000 jobs are tied to energy intensive industry and supply chains.