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IGas Energy Plc

IGas Energy Springs Road well reveals significant shale sequence

“The data gathered to date shows that there are significant prospective resources in our East Midlands acreage and is another important step for the UK onshore industry"

oil and gas operations
The well cut 150 metres of hydrocarbon bearing shale

IGas Energy Plc (LON:IGAS) has confirmed a sequence of hydrocarbon bearing shale over some 250 metres in the SR-01 well, at Springs Road in North Nottinghamshire.

Significant gas indications were observed, the company said.

Around 150 metres of shale core has been recovered, extensive wireline logging has taken place, and petrophysical and core analysis is currently being conducted. Subsequent results will provide further insight into the resource potential and shale characteristics.

READ: UKOG eyes long term production at Horse Hill

"I am delighted to report that we have recovered high-quality hydrocarbon bearing cores at our Springs Road site,” said Stephen Bowler, IGas chief executive.

“The data gathered to date shows that there are significant prospective resources in our East Midlands acreage and is another important step for the UK onshore industry.

“There is the potential for the gas beneath our feet to contribute materially to the UK energy needs.”

Bowler added: “Gas is important for our energy requirements, not least because over 80% of the homes across the country are heated by gas.

“These results come at a time when we are importing more and more gas from overseas and could stimulate investment in the East Midlands basin as well as improving the country's balance of payments."

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Price: £0.51

Market: AIM
Market Cap: £62.54 m
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