UK onshore explorer IGas is focusing its next exploration steps on the English north-west following a positive close to the previous financial year.
Closing the year on March 31 the company recorded an increase in revenues from oil and gas production to £75.9million compared with £68.3million the prior year.
The firm also made a profit of £2.3million in the period, against a loss of £6.0million the previous year.
During the year, IGas completed a farm-out agreement with Total for 40% shares in the PEDL139/140 licence; acquired North Sea oil producer Caithness Oil for £7.9million; and successfully completed the exploration well at Barton Moss, with results of the shale finds’ testing expected in the autumn.
Now the company is gearing up its exploration and development campaign in the North West and East Midlands as it is looking to acquire 3D seismic data for around 100 square kilometres in the Pennine area.
“2013 has been another successful year for IGas. We continued to deliver on our strategy of becoming the leading onshore independent company developing and producing discovered hydrocarbons in Britain,” said Andrew Austin, IGas’ chief executive.
“In addition to exploration wells, it is our intention during 2015, in conjunction with partners, to drill and flow test wells on either side of the Pennines; one in the North West, and one in the East Midlands, subject to being able to obtain all the necessary permits in place.”
In May, the firm announced plans to acquire the coal bed methane developer Dart Energy for £117.1 million, in a bid to become the largest licence holder for fracking in the UK.
“The proposed Dart acquisition puts IGas at the heart of unlocking Britain’s energy potential and demonstrates our commitment to, and confidence in, the British onshore oil and gas sector,” Austin said.
“The transaction will further strengthen our position financially, operationally and also significantly increases our licenced acreage as we seek to unlock the untapped energy resource that exists in Britain.”
