viewIGas Energy Plc

IGas Energy making progress across the business


IGas Energy (LON:IGAS) is making good progress across the business as it revealed it expects to start 2D seismic acquisition in the next two weeks at its licences in the north west of the UK.

The firm, which reports half year numbers next month, is also planning 3D seismic across some of its acreage aiming to submit applications for multi-well sites for drilling and fracking of gas from shale in the first half of 2015.

Civil construction at the Ellesmere Port exploration site is complete and the company confirmed it expects to start drilling a vertical well next month.

This well will be the third drilled in a sequence designed to give IGas a set of results across its licences in the north west.

The company will announce initial gas in place estimates in the East Midlands and the first results from the ongoing core analysis of its exploration well at Barton Moss after the deadline for the 14th licensing round submissions. The company will also commission an independent review of the combined group's assets after the Dart acquisition, which is now in the final stages of legal completion.

Production for the first half was 2,766 barrels of oil equivalent per day (net) against 2,704 boepd (net) in 2013 and the cash balance as at the end of September was US$ 47.2mln.

IGas is also in the advanced stages of three gas monetisation projects and expects to announce further details with the interim results.

Quick facts: IGas Energy Plc

Price: 10.15 GBX

Market: AIM
Market Cap: £12.53 m

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