IGas Energy

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IGas Energy Ltd is the largest independent oil and gas explorer and developer in Britain, with licences to explore for oil and gas across the country including the North West, East Midlands, the Weald Basin in southern England and the northern coastal area of the Inner Moray Firth in Scotland. [1]

In May 2014 IGas negotiated a deal to buy rival producer Dart Energy, which holds licences to produce gas from coal seams in Scotland. The deal worth £120 million, makes IGas the UK's biggest shale gas explorer.

The company believes that shale is a 'game-changer' for Britain, and argues that it can be 'extracted cleanly and safely'.

Chief executive Andrew Austin claims that in a 'best-case scenario' up to 10% of the UK's gas supply for the next decade could from shale gas produced in Lincolnshire and Nottinghamshire, where IGas already produces conventional oil and gas. Austin hopes to see up to 15 fracking sites in use over that period - describing it as a 'a very big prize'. [2]

Production

IGas produces approximately 3,000 barrels of oil and gas a day from over 110 sites across the country. Primary production areas are in the East Midlands (Welton and Gainsborough), Cheshire, Flintshire and Staffordshire, as well as in the Weald Basin in southern England.

In the year to 31 March 2013, IGas produced over 901,000 barrels and achieved £68.3 million in revenue. [3]

IGas believes that within its own licence area, covering 300 square miles between Manchester and Liverpool, there is likely to be in the region of 102 Tcf of gas in place (mid case).Cite error: Closing </ref> missing for <ref> tag

Licences

IGas has a petroleum exploration and development licence (PEDL) for the Gainsborough area, but has yet to drill any wells or apply for permission to start fracking in the East Midlands.[2]

  • Farm-out agreement with Total E&P UK Limited (“Total”) signed, under which Total acquired a 40% interest in PEDL 139/140 Licences. Total will fund a fully carried work programme of up to US$46.5m, with a minimum commitment of US$19.5m. IGas was appointed operator on the Licences with an increase in equity interest to 14.5%.[4]

People

  • Andrew Austin - CEO. A founder of IGas, has been an Executive Director since 2004 and the Chief Executive Officer for the last 5 years with full time responsibility for the day to day operations and business development. [5] Holds a 5.41% shareholding in IGas.[6]
  • Stephen Bowler Chief Financial Officer. Steve started his career at Touche Ross, now Deloitte, where he qualified as a chartered accountant. [5]
  • John Blaymires Chief Operating Officer. John has 29 years of international experience in the oil and gas industry gained at Hess Corporation and Shell International. [5]
  • Ann-marie Wilkinson - Head of Communications [7]

Board

  • Francis Gugen - Non-Executive Chairman. Francis is a founder and Non Executive Chairman and has over 30-years of oil and gas industry experience. [5] Holds a 13.4% shareholding in IGas
  • Robin Pinchbeck - appointed non-executive director July 2012. Pinchbeck began his career at BP where he held various management roles over two decades. He was CEO of operations services and then group director of strategy at Petrofac. [8]
  • John Bryant - Senior Independent Non-Executive Director. John is the Chairman of AIM listed Weatherley International plc, and a board member of AIM listed China Africa Resources Plc. [5]
  • Cuth McDowell - non-executive director and chair of the Audit Committee appointed December 2012. Has 33 years of international experience in the oil and gas sector, having held a range of leadership positions in Exploration and Production. [5]

Company directors

Affiliations

Lobbying firms

Subsidiaries and acquisitions

  • On 28 February 2013, the Company completed the acquisition of PR Singleton from [[Providence

Resources]] plc [4]

  • Acquisition of Caithness from Caithness Petroleum plc for £7.9m (including assumed borrowings and closing adjustments) which was financed by issuing 7,488,301 Ordinary Shares. [4]
  • Acquisition of Star Energy and equity fundraising of £20.6m.
  • Signed an agreement with Nexen Petroleum UK Limited to acquire [[Nexen Exploration

UK]] Limited, making our Group the operator and sole owner of all our licences.

Contact

Website: http://www.igasplc.com/

Resources

Notes

  1. ↑ Unlocking Britain's Energy Potential, IGas Energy plc Annual report and accounts 2013/14, access 20 August 2014
  2. ↑ 2.0 2.1 BBC News, [http://www.bbc.com/news/uk-england-26910718 Gas chief Andrew Austin: Fracking in East Midlands could provide 'big prize, 7 April 2014
  3. ↑ IGas Energy PLC, Annual report and accounts 2012/13
  4. ↑ 4.0 4.1 4.2 Cite error: Invalid <ref> tag; no text was provided for refs named 2013/14
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 About Us, IGas website, undated, acc 16 April 2014
  6. ↑ Ian Lyall , IGas chief tops up his holding, Proactive Investors, January 17, 2014
  7. ↑ RNS Number : 0807N Igas Energy PLC, released 23 July 2014
  8. ↑ Giles Gwinnett, IGas Energy welcomes Robin Pinchbeck as director, July 11 2012
  9. ↑ Register of All-Party Groups (As at 7 June 2013), parliament.co.uk
  10. ↑ APPC Register Register for 1st March 2014 - 31st May 2014, acc 25 June 2014
  11. ↑ APPC Register Register for 1st March 2014 - 31st May 2014, acc 25 June 2014
  12. ↑ Public Relations Consultants Association. PRCA Public Affairs Register Entry, 1 Jun - 31 Aug 2011
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