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IGas ups resource estimate

Tue, 26th Jan 2010 08:24

Recent changes in equity holdings in its assets have boosted IGas Energy’s mid-case net contingent recoverable resources by 41%.The domestic gas producer and coal bed methane developer said consulting firm DeGolyer and MacNaughton has upped the resources attributed to IGas from 571 billion cubic feet (bcf) to 807 bcf.The reassessment follows the farm-up agreement with Nexen announced in December and reflects the increases in equity in properties located in Lancashire, Cheshire, Yorkshire, Staffordshire and North Wales.‘These findings confirm that IGas has enough capacity to supply electricity to around seven per cent of all UK households for 15 years,’ said IGas chief executive Andrew Austin. ‘We are on track to start full-scale UK production next year,’ Austin added.