Igas Energy PLC Weald Basin - PEDL 235 Exploration and Appraisal (4250E)
04 July 2019 - 4:00PM
UK Regulatory
TIDMIGAS
RNS Number : 4250E
Igas Energy PLC
04 July 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
4 July 2019
IGas Energy plc (AIM: IGas)
("IGas" or "the Company")
Weald Basin - PEDL 235 Exploration and Appraisal - c. 300million
barrels of oil in place (STOIIP)
IGas is pleased to announce plans for a new site, within its
conventional portfolio, and the drilling of up to two
exploration/appraisal wells on PEDL 235, in the Weald Basin, which
IGas owns 100%.
The initial well will explore and evaluate the resource
potential of both the Portland Sandstones and the Kimmeridge
Micrites. Recent technical studies by the IGas team have concluded
that the Kimmeridge Micrites have the potential for significant
resources of c.300 million barrels of oil in place within PEDL 235.
In addition, the initial well will also appraise the Portland
Sandstone gas discovery (IGas 2C resources includes c.1.4 MMBoe in
relation to the gas discovery;
https://www.igasplc.com/media/39949/DM-CPR-IGas-Reserves-and-Resources-as-of-31-December-2018.pdf).
The Company will shortly commence discussions with Surrey County
Council, and other stakeholders, with a view to submitting a
planning application. As part of the planning process, IGas will
undertake community consultation to take account of feedback from
local residents before submitting the full planning
application.
Further to the announcement in March 2019, the Company has been
unable to agree a transaction with Onshore Petroleum Limited and
consequently all non-core assets will now remain with IGas. A 25%
farm down of the PEDL 235 licence was included in the original
transaction, accordingly IGas will now continue to hold 100% of the
licence.
Commenting, Stephen Bowler, IGAS CEO said:
"As announced at the AGM in May 2019, we have been actively
seeking sites that can appraise both the Kimmeridge Micrites and
Portland Sandstones from a single well. Now, in conjunction with
our own technical studies, and data from the discoveries in the
Weald basin at Horse Hill, we are excited to be bringing forward up
to two exploration/appraisal wells and production tests with the
potential to unlock significant recoverable resources at a new site
in the Weald Basin. We estimate hydrocarbon in place volumes of
c.300 million barrels which have the potential to add significant
value to the Company and our shareholders."
Qualified Person's Statement
Ross Pearson, Technical Director of IGas Energy plc, and a
qualified person as defined in the Guidance Note for Mining, Oil
and Gas Companies, March 2006, of the London Stock Exchange, has
reviewed and approved the technical information contained in this
announcement. Mr Pearson has 18 years oil and gas exploration and
production experience.
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 7390 0230
Patrick d'Ancona/Chris McMahon
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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