IGas Energy PLC (AIM:IGAS, OTC:IGESF) chief executive Chris Hopkinson describes the UK government’s shale gas flip-flop as “surprising and disappointing” whilst giving Proactive key insights into the company’s geothermal energy play, which is seen as an exciting ‘transition’ opportunity in Britain.
Summing up the company’s priorities Hopkinson says that IGas is focussing on achieving operational excellence in its conventional onshore oil and gas assets, which provides the foundation and backbone to grow its geothermal business – which unlike shale gas enjoys ‘cross party’ support and also support from the public.
“We have an opportunity as really the first company into that geothermal space to provide heat to an enormous amount of homes...I think it is worth remembering that hot water and heat counts for about 40% of the UK’s energy demand. So, when we talk about net zero in 2050, being able to provide that heat from a renewable source like geothermal, we feel is absolutely vital for the achievements of those targets.”
On shale, Hopkinson says it is a part of the business that his team won’t give up on and described the recent lifting and reinstating of a fracking moratorium as “very disappointing”.
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