17 Dec 2018 17:43
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
17 December 2018
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Operational Update - Tinker Lane Well
IGas announces that, following spudding of the well on 27 November 2018, it has reached the TD (total depth) of the TL-1 exploration well at Tinker Lane in North Nottinghamshire.
This exploration well forms part of an integrated exploration and appraisal programme to better define the basin consisting of this margin sited well at Tinker Lane and a basin centred well at Springs Road.
The drilling operations were completed significantly ahead of schedule, largely as a result of improved drilling performance, following detailed analysis of our previous experience. The well was drilled on prognosis and encountered a shale interval before penetrating the key Dinantian limestone geophysical marker. The shales encountered did not include the primary target, the Bowland Shale.
We will now conduct a comprehensive logging programme of the well, which will be crucial to understanding the geological setting and help to further refine our basin modelling. The results from this well will further assist us in better defining the basin and has satisfied our work programme obligation on the licence.
Commenting, Stephen Bowler, CEO said:
"Whilst the results of this well will help calibrate our geological models of the region and has demonstrated further improvements in drilling performance, we are naturally disappointed not to have encountered the Bowland Shale.
The outcome of this exploration well does not change our view on the prospectivity of our next target well at Springs Road, where we believe a thick section of shale is present due to its more central location in the basin and which we expect to spud in the first quarter of 2019."
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 5970
Sara Hale/Jeremy Ellis/Neil Coleman
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