Alkane Energy rises on tie up with Aberdeen Drilling
Alkane Energy is "farming in" Aberdeen Drilling to two of its exploration licences in the North East and East Midlands regions of England.
Alkane Energy is "farming in" Aberdeen Drilling to two of its exploration licences in the North East and East Midlands regions of England.
The agreement could see Aberdeen gain up to 50% of the concessions in a drilling campaign focused on "coal bed methane".
The estimates for the total gas in place for both sites are currently 385bn cubic feet.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Alkane's Chief Executive, Neil O'Brien, said the deal, which is Alkane's first venture in coal bed methane, was part of a strategy of transferring skills to "related business streams."
The company's main focus is extracting methane from coal mines.
News of the tie up saw the stock gain 4.03% by 10:15am. Over the last year Alkane shares have dropped 4.6%.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published