The board of IGas Energy has identified a significant shale resource within its acreage. In addition, IGas Energy today publishes a revised Competent Person Report (CPR) in which the overall Gas initially in place (GIIP) across its acreage increases in the mid case from 3,558 Bcf by 7.5% to 3,823 Bcf.

Shale: Shales have been identified by IGas (using existing borehole logs in the locality) as potentially extending over 1,195km2 (300,000 acres) of its acreage with an expected average thickness of 250m (825 feet). These shales are understood to be hydrocarbon bearing as they have been locally demonstrated to be the source rock for hydrocarbons in the Liverpool Bay area. Total Organic Content (TOC) has been measured to range from below 0.7% to over 5% with an average in the Holywell shales of around 2.1%. IGas Energy has now identified independent consultants to review the hydrocarbon potential of these shales and their potential to produce gas and will be reporting on the results once this work is complete.

CPR: The reprocessing of seismic and other data by Equipoise Solutions Ltd related to the Acreage offshore at Point of Ayr has increased our confidence in the presence and nature of the Coal Bed Methane (CBM) resource in the area. This has led to a removing of the risk weighting previously applied to this area and a tightening of the range of low:mid:high case expectations of Gas Initially In Place.

Andrew Austin, IGas Energy CEO said, 'This continuing work on understanding the full potential of our acreage to deliver gas once again gives us greater confidence in the resources we hold. The potential of delivering Shale gas is particularly exciting, as this sector has seen significant growth in North America and increased interest across continental Europe. The revised CPR also gives us greater confidence in the size of the resource and once again shows the value of the extensive data set we hold.'

Tags: IGas