Shares in iGas Energy PLC (LON:IGAS) ticked higher today as it was revealed that private equity fund manager, Kerogen Capital has ended up with a near 28% shareholding in the UK shale play following completion of its recent refinancing.
In lunchtime trading, iGas shares were up 1.3%, or 0.06p at 4.53p.
Unconventional Energy Limited, a vehicle of the oil & gas industry investment specialist has declared it now holds 679,282,165 shares in the AIM-listed firm, a 27.999% stake.
The Igas refinancing involved a US$35mln injection of fresh funds from strategic investor Kerogen and a debt-for-equity swap with its lenders.
According to the company, the new structure will be sustainable in the current oil price environment and will allow it to expand while maintaining its valuable carry agreements - some US$230mln of work to be paid by well-funded partners.
Last month, iGas received some positive operational news, securing approval for a shale gas well in Nottinghamshire.
In a later regulatory announcement, it was also revealed that another sector investment specialist, Trans European Oil & Gas Luxco has a 13.175% holding of 319,726,946 in iGas.
Trans European Oil & Gas was established in 2015 to acquire and operate onshore oil and gas fields across Europe
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