1 Nov 2017 15:10
This Announcement Contains Inside Information
1 November 2017
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Changes of UK Onshore Licence Interests
IGas notes that INEOS Upstream Limited ("INEOS") has recently completed its acquisition of Total E&P Limited's ("Total") interests in certain UK onshore licences held jointly with IGas.
There is no change to IGas's financial position or equity interests resulting from this transaction. Total's obligations to carry IGas in respect of PEDL 139 and 140 have been taken over by INEOS in full.
Following completion of the acquisition the new equity interests in the licences are as outlined in the table below:
Licence | Region | Equity interests post transaction | Operator |
PEDL 139 | North Nottinghamshire | IGas 32%, INEOS 40%, Egdon 14.5%, ECorp 13.5% | IGas |
PEDL 140 | North Nottinghamshire | IGas 32%, INEOS 40%, Egdon 14.5%, Ecorp 13.5% | IGas |
PEDL 273 | Yorkshire | IGas 35%, INEOS 30%, Total 20%, Egdon 15% | IGas |
PEDL 305 | Yorkshire | IGas 35%, INEOS 30%, Total 20%, Egdon 15% | IGas |
PEDL 316 | Lincolnshire | IGas 35%, INEOS 30%, Total 20%, Egdon 15% | IGas |
Commenting today Stephen Bowler, Chief Executive Officer, said: "This transaction comes at an exciting time for IGas and the wider UK Shale industry and we are very pleased to welcome INEOS as a partner into these blocks, and alongside Total in our 14th round licences.
We are already partners with INEOS across a number of licences and many are also adjacent to INEOS' 100% owned 14th round licences in the East Midlands. As the work programme develops we would expect to realise synergies in this area."
Ron Coyle, CEO at INEOS Shale, said: "Our acquisition of these assets represents an important development for INEOS Shale and demonstrates our ongoing commitment to this important industry. Shale gas represents an exciting opportunity for the UK, and has the real potential to bring much needed jobs and investment to local communities. The continuing growth of INEOS's portfolio of licences means we will be at the very forefront of this transformational industry".
For further information please contact:
IGas Energy plc
Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Julian Tedder, Chief Financial Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc (NOMAD and Joint Corporate Broker)
Tel: +44 (0)20 7597 4000
Sara Hale/Jeremy Ellis/George Price
Canaccord Genuity (Joint Corporate Broker)
Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor
Vigo Communications
Tel: +44 (0)20 7830 9700
Patrick d'Ancona/Chris McMahon