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IGas Energy Plc COO says shale gas consultation won't affect industry plans

IGas Energy Plc (LON:IGAS) Chief Operating Officer John Blaymires tells Proactive Investors he welcomes  the launch of the consultation on the Shale Gas Wealth Fund. 

"It is encouraging that the Prime Minister is looking at broader energy policy and specifically here to see how she can try to ensure that some of these benefits find their way to the local communities in which these activities take place" he says.

IGas operates its own community benefits scheme and the onshore oil and gas industry launched a Community Engagement charter in 2013, committing 1% of the revenues of a production site and £100,000 for each exploration well.

"What we will be looking to see is how this consultation marries up both the industry initiatives together with whatever the government concludes and look at the alignment there. It all has to be a positive thing" Blaymires says.

He adds, "this won't affect our plans. We are continuing to pursue our planning applications and the key for us is to move forward to demonstrate the viability of shale gas development here in the UK".

Quick facts: IGas Energy Plc

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AIM:IGAS

Price: 19 GBX

Market Cap: £23.82 m

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on 19/10/20

2 min read