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IGas Energy unveils plans to drill two new wells in the Weald Basin in Surrey

Talks will include community input before any planning application is submitted.

Weald Basin
Up to 300mln barrels of oil might be present at PEDL 235

UK oil and gas specialist Igas Energy PLC (LON:IGAS) is to ask Surrey County Council for permission to drill two new conventional wells at licence PEDL 235 in the Weald Basin.

The initial well will explore and evaluate the resource potential of both the Portland Sandstones and the Kimmeridge Micrites, which IGas believes might hold as much as 300mln barrels of oil in place.

Talks will include community input before any planning application is submitted.

IGas added that it is not been able to agree a deal with Onshore Petroleum Limited so all non-core assets will now remain with the company.

That deal included a 25% farm down of the PEDL 235 licence, but IGas will continue to hold 100% going forward.

Stephen Bowler, chief executive, said: "As announced at the AGM in May 2019, we have been actively seeking sites that can appraise both the Kimmeridge Micrites and Portland Sandstones from a single well.

“Now, in conjunction with our own technical studies, and data from the discoveries in the Weald basin at Horse Hill, we are excited to be bringing forward up to two exploration/appraisal wells and production tests with the potential to unlock significant recoverable resources at a new site in the Weald Basin. “

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Price: 46.06 GBX

AIM:IGAS
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Market Cap: £56.36 m
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