IGas Energy PLC - Lincoln, England-based oil and gas producer - Welcomes the UK government's "support and commitment" to the development of domestic gas, including fracking. In particular, IGas welcomes the commitment to "more exploratory sites in order to gather better data and improve the evidence base" about links between fracking and earth tremors. Fracking is the process of hydraulic fracturing, which uses high-pressure liquid to release gas from shale formations. IGas says it looks forward to assisting with this process and will provide the government with its detailed proposals for accelerated development.
IGas's response follows a statement on Thursday from UK Business & Energy Secretary Jacob Rees-Mogg saying the government is determined to "realise any potential sources of domestic gas". Rees-Mogg suggests limits on acceptable levels of seismic activity are too restrictive
IGas Interim Executive Chair Chris Hopkinson says: "We welcome the commitment to pursue secure and affordable supplies of domestic energy. The development of IGas's shale gas assets has the potential to provide secure and affordable energy for the UK in the near term, helping to decouple the UK from volatile and competitive international gas markets.
"Aside from the clear benefits in job creation and balance of payments through producing indigenous natural gas, we will support local communities with a comprehensive benefit package."
Current stock price: 86.78 pence, up 11% on Thursday afternoon.
12-month change: up from 17.45 pence
By Chris Dorrell; chrisdorrell@alliancenews.com
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