Igas Energy begins farm-in process
AIM-quoted coal bed methane (CBM) gas producer IGas Energy has begun a formal process to find a farm-in partner for the Bowland Shale prospect in Cheshire in a bid to accelerate the development of what is a potentially significant resource base.
AIM-quoted coal bed methane (CBM) gas producer IGas Energy has begun a formal process to find a farm-in partner for the Bowland Shale prospect in Cheshire in a bid to accelerate the development of what is a potentially significant resource base.
The company's Ince Marshes well has previously demonstrated the presence of the Bowland shale, which has the potential to at least double the independent pre-drill estimate of gas initially in place. Logs and samples from this well are being analysed.
The firm's Chief Executive Officer Andrew Austin said: "The Bowland Shale offers a considerable addition to our existing conventional and unconventional resources and its potential materiality represents an opportunity for both the company and future partners.
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
"We have already received a number of expressions of interest from world-class companies to partner with us for what looks to be a highly significant opportunity. We will now move forward and find the right partner with the appropriate complementary skills and resources to work with us during this exciting project.
"The UK government's announcement about a new gas generation strategy and the support given in the budget to the industry are all signs that UK sourced hydrocarbons are going to play an increasingly important role in the future energy mix of the country."
The share price rose 4.76% to 66p by 12:04.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.