25 Jan 2018 18:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
25 January 2018
IGas Energy plc (AIM: IGAS)
("IGas" or the "Company")
Ellesmere Port Planning Committee Decision
IGas Energy plc, a leading UK onshore oil and gas explorer and producer, is disappointed that the Chester West and Chester Council's Planning and Licensing Committee has not granted planning consent for routine tests on a rock formation encountered in the Ellesmere Port-1 well, drilled in late 2014.
Stephen Bowler, CEO of IGas, said:
"We are very disappointed by the Committee decision that goes against the recommendation of their Planning Officer and is an application that accords with both national and local planning policy as set out in our planning statement and has the necessary environmental permits in place.
Our businesses have been operating exploration and production sites in a safe and environmentally sensitive manner across Britain for many years, engaging with communities and employing local people and investing in the local supply chain.
We are at a critical juncture in the future of our energy mix and supply, as we move away from coal towards lower carbon energy sources. We are currently importing c. 50% of gas and that is set to rise to nearly 80% by 2035.
We will now take time to consider our options including our right to bring forward an appeal."
For further information please contact:
IGas Energy plc
Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
John Blaymires, Chief Operating 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