IGas is a leading onshore hydrocarbon producer in the United Kingdom, with almost a decade of experience, delivering natural gas and crude oil to Britain’s energy market. They hold licences to extract hydrocarbons across the north of Wales and the north of England covering an area of approximately 1,455 sq km. Independent analysis has confirmed that the company has an estimated net Contingent Recoverable Resource to 1,811Bcf of gas.

But what I find exciting about this company is that:
They also have the potential to explore shale gas. They have identified a significant potential shale resource within their acreage, which is estimated (on an unrisked basis) to comprise up to 4.5 trillion cubic feet of gas.

The government last week lifted an 18-month ban on fracking, the controversial method used to extract shale gas. The British Geological Survey is expected to publish research next month that will vastly increase the estimate of Britain's potential shale gas resources.

Exxon Mobil has entered talks to buy a stake in the Bowland shale project in Lancashire, owned by IGas. It is believed that Shell, Total of France, and Norway’s Statoil are also considering bids.

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http://www.telegraph.co.uk/finance/newsbysector/energy/10595626/Fracking-too-late-to-help-businesses-facing-rising-green-energy-costs-manufacturers-tell-Prime-Minister.html

Completion of Farm-out Agreement with Total E&P UK Limited

Further to the announcement of 13th January 2014, IGas, one of the leading producers of onshore oil and gas in the UK, today announces the completion of the farm-out agreement with Total E&P UK Limited.

IGas will assume operatorship of the licences with immediate effect.

PEDL139 and PEDL140 are located in the Gainsborough Trough in Nottinghamshire and South Yorkshire. The Licences cover an area of 240Km2 and border PL178 and PEDL006 at Beckingham, an existing IGas producing field.

All of the necessary consents and approvals have now been received from DECC including IGas's operatorship of the Licences.

- Ends -

Exploration Drilling and Operational Update

Doing the Biz this day
Gold Cross still intact

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News due Monday - regarding fracking in the UK - ahead of which the politicians are shifting their ground so as not to lose votes in their own local seats by being caught on the wrong side of the debate. I expect to exit my short ahead of the evening vote if the price falls heavily during the day.

BREAKING: The former Tory environment secretary, Caroline Spelman, has called for a ban on fracking in the UK.


'Spelman’s demand for a halt to fracking was made in an amendment to a controversial government bill on which MPs will vote on Monday. ‬
The amendment, which has the backing of half the MPs on the EAC (Environmental Audit Committee), calls for a “moratorium on the hydraulic fracturing of shale gas deposits in order to reduce the risk of carbon budgets being breached.” This “reflects the conclusions” of an EAC inquiry which will be published on Monday 26 January.

Dodgy Spelman obviously has no "interest" in Fracking then.

IGAS shares unpopular this morning. Down 25% at the moment. Lost 7/8 of their value since peaking at 160p and now testing 20p

They peaked at over £8 !!

This probably isn't helping - MPs: Ban fracking to meet carbon targets

If IGAS shares get suspended, shareholders may find themselves unable to dispose of holdings for weeks or months. That's an unfortunate position to get into (Been there, done that - had capital tied up in a failed stock for 3 months and eventually got only a tiny fraction back).

Today's fall is on huge volume. Biggest since last July (July 8) when major 100p fall began.

well spotted on friday ...... i was clearly asleep
diff to know if there's enough meat left to make it still worth shorting

Britain to ban fracking in national parks after policy u-turn

Block on fracking in Scotland announced by minister

Fracking will not prove to be a big new source of energy in Britain and any future shale gas production will be of “no great significance”, BP has claimed.
Despite huge shale oil and gas deposits around the world, the shale energy boom will remain confined to the United States, where conditions are most favourable, the oil company believes.

www.thetimes.co.uk/frackingarticleFeb18