IGas, London Traded Unconventional Gas Company, to buy Nexen UK

abarrelfullabarrelfull wrote on 15 Feb 2011 15:02
Tags: aim gas igas shale

Latest Blogs

{"module":"feed\/FeedModule","params":{"src":"http:\/\/abarrelfull.wikidot.com\/feed\/pages\/pagename\/blog%3A_start\/category\/blog\/limit\/10\/t\/My+Blog","limit":"4","module_body":"* %%linked_title%%"}}

rating: 0+x

There is a distinct lack of companies looking for unconventional gas in the UK. IGas is one of the exceptions. Traded on AIM in London, it describes itself as:

IGas Energy was set up in 2003 to produce and market domestically sources gas from unconventional sources such as coal bed methane (CBM) and shales.

It is now planning to buy its partner:

On 31 January 2011 we announced that we had reached agreement on the terms of a proposal whereby IGAS will acquire the entire issued share capital of Nexen Exploration UK Limited.

Nexen Exploration UK Limited is the joint owner with Island Gas Limited (a wholly owned subsidiary of IGAS) of 11 UK Petroleum Exploration and Development Licences and three blocks within a seaward petroleum production licence. As a result of the Acquisition these licence interests will become wholly owned and operated by IGAS, increasing IGAS’s Contingent Recoverable Resource 2C (P50) by 115 per cent. to 1,736 bcf or 260 million barrels of oil equivalent and its current net production rate will almost triple.

Not earth shattering perhaps, but another small step forward in Europe's unconventional natural gas story.

Proposed acquisition of Nexen Exploration UK Limited and Proposed Placing of 27,500,000 New IGAS Shares at a price of 75p per Placing Share

Related Pages


Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License