UK onshore explorer IGas Energy is one step closer to becoming the country’s largest licence holder for fracking in the UK.
At the firm’s annual general meeting the company’s proposed £117.1million takeover of Dart Energy was approved.
The blockbuster deal now awaits final approval from Dart shareholders – a vote will take place later this month. It’s understood Dart’s board of directors has recommended the transaction be approved.
The milestone acquisition will see IGas amass more than one million net acres under various licences.
IGas chief executive Andrew Austin has previously heralded the deal the “heart of unlocking Britain’s energy potential”.
He said: “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.
“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.”
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