Business
Shale Resource and Updated GI
Shale Resource and Updated GI.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n RNS Number : 1186H Igas Energy PLC 15 February 2010 \n \n\nIGas Energy plc\n('IGas' 'the Company' or 'the Group')\n \nShale Resources and updated GIIP at Point of Ayr\n \nThe board of IGas Energy, a domestic gas producer and a leading developer of unconventional gas resources in the UK, today announces that it 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.\n \n· 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.\n \n· 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. A revised CPR is now available at www.igasplc.com and the results are summarised in the table below.\n \n\n\n\n\n(all amounts in Bcf)\n\n\nLow Case\n\n\nMid Case\n\n\nHigh Case\n\n\n\n\nPrevious Net GIIP\n\n\n1,180\n\n\n3,558\n\n\n8,360\n\n\n\n\nUpdated Net GIIP\n\n\n2,293\n\n\n3,823\n\n\n8,092\n\n\n\n\n \n \n \nAndrew 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 ...