LONDON (Alliance News) - Igas Energy PLC on Friday noted an article in the Sun newspaper regarding gas finds on a site in northern Nottinghamshire.
The Sun on Friday said Ineos has found "30 years'" worth of gas at Tinker Lane on the Gainsborough Trough basin.
Igas, which has interests on Gainsborough Trough, commented: "The preliminary tests on shale samples from within the Millstone Grit group at Tinker Lane are encouraging for the potential gas resources in the Gainsborough Trough basin. The analysis of these samples is still subject to further testing and validation.
"As previously stated, the well, which is part of a wider exploration programme in the basin, has been plugged and abandoned and preparations are being made to fully restore the site."
The announcement was also noted by Egdon Resources PLC, with Managing Director Mark Abbott commenting: "Although preliminary, these results are highly encouraging for the Gainsborough Trough shale play and we look forward with anticipation to the results from Springs Road-1 where progress to date has been significantly ahead of schedule."
Igas also said Friday drilling at Springs Road-1 is going well, finding shales at around 2,200 metres. Drilling has been quicker than anticipated, it added.
Igas shares were 4.4% higher Friday at 68.98 pence each, while Egdon was 5.4% up at 7.75p.