7 May 2015 07:00
7 May 2015
IGas Energy plc
("IGas" or the "Company")
Completion of Farm-out with INEOS Upstream ("INEOS")
IGas (LSE: IGAS), one of the leading producers of onshore hydrocarbons in Britain, is pleased to announce the completion of the farm-out and purchase agreement (FOPA) with INEOS.
INEOS will assume operatorship of PEDLs 133, 145 and 193 and EXL 273 in phases, following an orderly handover.
All of the necessary consents and approvals have now been received from DECC.
Commenting today, Andrew Austin, Chief Executive said:
"We are delighted to have completed the transaction with INEOS and look forward to working with the INEOS team over the coming years. We now are operating on behalf of Total, GdF and INEOS, with a gross carried work programme of US$285m, to unlock the shale gas potential across the North West and East Midlands."
ENQUIRIES
For further information please contact:
IGas Energy plc
Tel: +44 (0)20 7993 9899
Andrew Austin, Chief Executive Officer
Stephen Bowler, Chief Financial Officer
Ann-marie Wilkinson, Head of Communications
Jefferies International Limited (NOMAD and Joint Corporate Broker)
Tel: +44 (0)20 7029 8000
Sara Hale/Graham Hertrich
Canaccord Genuity (Joint Corporate Broker)
Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor
Vigo Communications
Tel: +44 (0)20 7016 9570
Patrick D'Ancona/Chris McMahon