21 Mar 2017 18:20
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
21 March 2017
IGas Energy plc (AIM: IGAS)
("IGas" or the "Company")
Tinker Lane Planning Application Approved
IGas, a leading UK onshore oil and gas explorer and producer, welcomes Nottinghamshire County Council's Planning and Licensing Committee decision to grant planning consent for the application to develop a hydrocarbon wellsite and drill one exploratory well at the site known as Tinker Lane, Retford Road, near Barnby Moor, North Nottinghamshire.
Stephen Bowler, CEO of IGas commented:
"I am pleased that the Committee has made this positive determination following the recommendation by the Planning Officer.
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 rely significantly on gas in the UK, not just for electricity, but also in heating 8 out of 10 homes and as a raw material in the manufacture of many everyday products.
At this stage we, as well as other onshore operators around the country, are trying to establish if the significant quantities of gas that we have identified exists in the right formations to be commercially prospective and address the issue of security of supply that we face. We now have the consent to develop a wellsite and drill an exploratory well, in addition to the Springs Road application that was granted in November. Results from these wells will help us better understand the shale gas potential in North Nottinghamshire.
IGas businesses have been operating assets in the wider East Midlands area for over 30 years and approximately 50% of our total oil production comes from the area. We look forward to continuing to working safely and environmentally responsibly within this local community as we do in many others."
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