logo-loader
viewIGas Energy Plc

IGAS Energy shares boosts as Cuadrilla get greenlight to start fracking in Lancashire

“We are delighted to be starting our hydraulic fracturing operations as planned,” said Francis Egan, Cuadrilla chief executive

oil and gas operations
Fracking starts this Saturday

IGAS Energy PLC (LON:IGAS) shares rose 12% in Friday afternoon’s deals as the path was cleared to allow shale gas Cuadrilla to start a fracking campaign in Lancashire.

It comes as the High Court in London dismissed a ‘last minute’ request made by protestors for an interim injunction to block the project.

Justice Supperstone concluded that there was no evidence to support the contention that LCC had breached any of the relevant duties concerning emergency planning, Cuadrilla said in a statement.

READ: Angus Energy shares rise as it reveals Balcombe well test results

Hydraulic fracturing operations at its Preston New Road shale gas exploration site, near Blackpool, will now get underway tomorrow (Saturday 13 October).

“We are delighted to be starting our hydraulic fracturing operations as planned,” said Francis Egan, Cuadrilla chief executive.

“We are now commencing the final operational phase to evaluate the commercial potential for a new source of indigenous natural gas in Lancashire.

“If commercially recoverable this will displace costly imported gas, with lower emissions, significant economic benefit and better security of energy supply for the UK.”

Egan added: “The hydraulic fracturing process will take approximately three months to complete for both horizontal exploration wells.

“Cuadrilla will then test the flow of natural gas from those two wells with initial results expected in the New Year.”

Cuadrilla’s Preston New Road project is at the forefront of the UK shale gas push, which has stalled somewhat due to frustrations in planning and permitting processes.

The legal greenlight is a boon for IGas Energy which also holds shale gas assets in North West England.

IGas shares were up 13p or 12.21%, changing hands at 119.53p.

Quick facts: IGas Energy Plc

Price: 41.95 GBX

AIM:IGAS
Market: AIM
Market Cap: £51.33 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of IGas Energy Plc named herein, including the promotion by the Company of IGas Energy Plc in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

IGas is a 'diverse business with lots of opportunities' says CEO Bowler

Onshore UK focused IGas’s (LON:IGAS) production currently is 850,000 barrels per year, but that is dwarfed by its shale acreage in the East Midlands. This compares favourably with major shale plays in the US, says Bowler, who believes the reserves are sufficient to provide all the UK’s gas...

on 17/10/19

2 min read