17 Apr 2023 13:44
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
17 April 2023
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Planning Permission Granted for Glentworth Development
IGas is pleased to announce that Lincolnshire County Council has granted planning consent for its Glentworth development.
The development is for an initial appraisal well and up to six horizontal development wells in Phase II.
Phase I has the potential to add c.200 bbls/d and development of c.1.0 mmstb 2P reserves (currently 2P undeveloped). If phase I is successful, this will be followed by further development drilling in subsequent years with the subsequent development having the potential to add an additional 500bbls/d and the addition of c.2mmstb 2P reserves from 2C. Phase I of the project has a mid-case NPV of £17.5 million.
Environmental permit applications associated with the project, and required before operations can commence, have been submitted to the Environment Agency.
Commenting Chris Hopkinson, IGas Interim Executive Chairman, said:
"I am pleased that the Committee has made this positive determination following the recommendation by the Planning Officer.
It is important to recognise the continuing role of fossil fuels in providing for UK energy needs during the transition to a low carbon economy and developing indigenous resources is an important part of the UK's future energy security.
This will help us deliver on our strategy of pursuing lower risk, infill opportunities, bolstering our oil production whilst we invest in growing our market leading geothermal business."
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Ann-marie Wilkinson, Chief Communications Officer
Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970
Virginia Bull/Chris Sim
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Consulting Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Finlay Thomson/Kendall Hill