(Alliance News) - IGas Energy PLC on Thursday posted encouraging results from the Springs Road-1 exploration well in Nottinghamshire, UK.
IGas has a 17.5% interest in licence PEDL140, where the well is located, and is operator. Shares in IGas were up 5.4% at 57.64 pence in London.
Results from core analysis demonstrate "significant hydrocarbon resource" in the Gainsborough Trough basin, which was targeted by the well.
Total organic carbon was 2% to 7%, with an average of around 3%. Thermal maturity was an average of 464 degrees Celsius and total porosity was between 2% and 9%, averaging 4%.
Gas content was found to be between 24 and 131 standard cubic feet per tonne, for an average of 61 standard cubic feet per tonne.
"The key characteristics of the Bowland Shale in SR-01 compare favourably to commercial shale operations observed in North America such as the Permian and the Marcellus. The core results indicate a mature, organic rich source rock with good porosity confirming favourable gas resource density. In particular, the low clay content is encouraging and an indication that hydraulic fracturing of the rock should be effective," said IGas.
Egdon Resources PLC has a 15% interest in the licence and noted the result. Shares in Egdon were up 6.7% at 4.80 pence in afternoon trading.