Business
DECC Approval for Nexen Acquisition
DECC Approval for Nexen Acquisition.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 1422C Igas Energy PLC 02 March 2011 \n \n\n \n2 March 2011\nIGas Energy PLC\n(\"IGas\", \"the Company\" or \"the Group\")\n \nAcquisition of Nexen Exploration U.K. Limited - Change of control confirmation\n \n \nIGas, a domestic gas producer and leading developer of unconventional gas resources in the UK, today announces that it has received the necessary regulatory approval to become the operator and sole owner of its licences.\n \nThis follows an announcement on 31st January 2011 of the signing of an agreement with Nexen Petroleum UK Limited, a wholly owned subsidiary of Nexen Inc, to acquire the entire issued share capital of Nexen Exploration UK Limited, resulting in IGas becoming the operator and sole owner of each of its licences. The announcement specified that the acquisition was conditional, inter alia, upon an approval of change of control by the Department of Energy and Climate Change and approval by IGas shareholders.\n \nIGas was yesterday informed that the Secretary of State for Energy & Climate Change, does not intend to exercise his powers under the relevant model clauses incorporated in the licences held by Nexen Exploration U.K. Limited to revoke any of these licences or to seek any further changes of control of Nexen Exploration U.K. Limited following its acquisition by IGas Energy plc.\n \nThe closing of the transaction is now only subject to approval of the shareholders of IGas at the general meeting scheduled to be held at 10.00am on March 4th. \n\n\nEnds\nFor further information please contact:\n\n\n\n\n\nIGas Energy Plc\n\n\nTel: +44 (0)20 7993 9901\n\n\n\n\nAndrew Austin, Chief Executive Officer \n\n\n \n\n\n\n\nRBS Hoare Govett \n\n\nTel: +44 (0)20 7085 5000\n\n\n\n\nStephen Bowler/ John MacGowan\n\n\n \n\n\n\n\n\nKreab Gavin Anderson\n\n\nTel: +44 (0)20 7074 1800\n\n\n\n\nKen Cronin/ Kate Hill/ Anthony Hughes\n\n\n \n\n\n\n\n \nNotes to Editors\nNOTES TO THE EDITOR\nIGas was set up to produce and market domestic sourced gas, primarily from unconventional reservoirs, particularly coal bed methane. IGas is now producing gas from its pilot production site at Doe Green in Warrington and selling electricity through its on-site generation, a UK first from CBM. Initial production rates indi...