IGas, a leading developer of Coal Bed Methane (“CBM”) in the UK and prospective producer of North Sea quality gas from virgin coal seams, announces that it has been highly successful in the 13th onshore oil and gas licensing round announced yesterday by the Secretary of State for Business, John Hutton.
IGas along with its partner Nexen Exploration UK have been offered seven blocks in three Petroleum Exploration and Development Licenses (PEDLs):
PEDL 184 (Blocks SJ27, SJ28, SJ37)
PEDL 190 (Blocks SJ47)
PEDL 193 (Blocks SJ68, SJ69, SJ79)
These blocks are sited within IGas' principle target areas in the North West of England and are all within 15 kms of existing drilling operations.
IGas will have an ownership interest of 20 per cent in these new PEDLs which will cover a gross area of approximately 640 sq km adding to the 1000 sq km already in the portfolio.
Andrew Austin CEO of IGas said “Success in the 13th round was one of our stated objectives when we were admitted to AIM in December 2007 - we are delighted that once again we have been able to deliver on these objectives amid significant competition from major international companies. Given the current economic climate the inherent value of UK sourced fuel is becoming ever more apparent as is the contribution that coal bed methane can and will make. This award represents a 64% enlargement of our acreage and therefore increases significantly IGas’ potential own contribution to the security of energy supply in the UK”
On 7th November 2007, the Secretary of State invited applications for Licences in the 13th Landward Licensing Round. Offers will start to go out on 30 May. A total of 97 Petroleum Exploration and Development Licenses (PEDLs) will be offered to 54 applicants.
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