UK onshore oil and gas firm IGas Energy said its Ince Marshes well in Cheshire could contain double the predrill estimates.
The firm had previously said it could contain up to 4.6TCF gas in place. IGas has now launched a formal process to find a farm-in partner for its Bowland Shale prospect, on which the Ince Marshes well was drilled.
The farm-in would help it accelerate development of what it called a “potentially significant resource base”.
The board has appointed the investment bank Greenhill as advisor in a process expected to take four to five months.
Andrew Austin, IGas chief executive said: “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.
“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.”