19 Aug 2010 07:00
19 August 2010
IGAS ENERGY PLC ("IGas", "the Company" or "the Group")
Change of Corporate Broker
IGas Energy Plc (IGas), a domestic gas producer and a leading developer of unconventional gas resources in the UK, today announces the appointment of RBS Hoare Govett as Nominated Adviser and Broker to the Company with immediate effect.
For further information please contact:
| Island Gas Resources | Tel: +44 (0)20 7993 9901 |
| Andrew Austin, Chief Executive Officer |
|
| RBS Hoare Govett | Tel: +44 (0)20 7085 5000 |
| Stephen Bowler/ Jamie Buckland/ John MacGowan |
|
| Kreab Gavin Anderson | Tel: +44 (0)20 7074 1800 |
| Ken Cronin/ Kate Hill/ Anthony Hughes |
|
Notes to Editors:
IGas Energy plc ("IGas")
IGas Energy was set up to produce and market domestic sourced gas, primarily from unconventional reservoirs, particularly coal bed methane. IGas Energy is now producing gas from its pilot production site at Doe Green in Warrington and selling electricity through its on-site generation, a UK first from CBM. Initial production rates indicate that the Company should exceed its threshold for commerciality.
IGas Energy has ownership interests of between 20 and 100 per cent in eleven PEDLs in the UK, wholly owns two methane drainage licences and has a 75 per cent interest in three offshore blocks under one Seaward Petroleum Production Licence. These licenses cover a gross area of approximately 1,756 km2. The mid case GIIP is up 328 per cent. from 893 Bcf at year end 2007 to 3,823 Bcf (source: Equipoise Solutions Ltd).
The coal seam both generates and traps the gas, which can be extracted by drilling into the seam and collected for use as fuel. CBM is exactly the same as other forms of natural gas, and is used to provide both industrial and domestic power and has the potential to be an important new source of energy for the UK.