Business
Changes of UK Onshore Licence Interests
Changes of UK Onshore Licence Interests.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 2976V Igas Energy PLC 01 November 2017 \n\nThis Announcement Contains Inside Information\n1 November 2017 \nIGas Energy plc (AIM: IGAS)\n(\"IGas\" or \"the Company\")\n \nChanges of UK Onshore Licence Interests\nIGas notes that INEOS Upstream Limited (\"INEOS\") has recently completed its acquisition of Total E&P Limited's (\"Total\") interests in certain UK onshore licences held jointly with IGas.\nThere is no change to IGas's financial position or equity interests resulting from this transaction. Total's obligations to carry IGas in respect of PEDL 139 and 140 have been taken over by INEOS in full. \nFollowing completion of the acquisition the new equity interests in the licences are as outlined in the table below:\n\n\n\n\nLicence\n\n\nRegion\n\n\n Equity interests post transaction\n\n\nOperator\n\n\n\n\nPEDL 139\n\n\nNorth Nottinghamshire\n\n\nIGas 32%, INEOS 40%, Egdon 14.5%, ECorp 13.5%\n\n\nIGas\n\n\n\n\nPEDL 140\n\n\nNorth Nottinghamshire\n\n\nIGas 32%, INEOS 40%, Egdon 14.5%, Ecorp 13.5%\n\n\nIGas\n\n\n\n\nPEDL 273\n\n\nYorkshire\n\n\nIGas 35%, INEOS 30%, Total 20%, Egdon 15% \n\n\nIGas\n\n\n\n\nPEDL 305\n\n\nYorkshire\n\n\nIGas 35%, INEOS 30%, Total 20%, Egdon 15%\n\n\nIGas\n\n\n\n\nPEDL 316\n\n\nLincolnshire\n\n\nIGas 35%, INEOS 30%, Total 20%, Egdon 15%\n\n\nIGas\n\n\n\n\n \nCommenting today Stephen Bowler, Chief Executive Officer, said: \"This transaction comes at an exciting time for IGas and the wider UK Shale industry and we are very pleased to welcome INEOS as a partner into these blocks, and alongside Total in our 14th round licences.\n \nWe are already partners with INEOS across a number of licences and many are also adjacent to INEOS' 100% owned 14th round licences in the East Midlands. As the work programme develops we would expect to realise synergies in this area.\"\n \nRon Coyle, CEO at INEOS Shale, said: \"Our acquisition of these assets represents an important development for INEOS Shale and demonstrates our ongoing commitment to this important industry. Shale gas represents an exciting opportunity for the UK, and has the real potential to bring much needed jobs and investment to lo...