31st Mar 2014 11:13
LONDON (Alliance News) - IGas Energy PLC Monday said it has found positive results from exploration on the Irlam-1 well at Barton Moss near Manchester, and it has completed a 3D seismic survey on its PEDL 139/140 Licence.
The UK-focused oil and gas exploration and development company said the Irlam-1 well encountered coal measures at anticipated depths and successfully intersected its secondary target, finding a package comprising Sabden and Bowland shale formations.
The company said that as part of the data-gathering exercise, over 400 feet of core was acquired across the shale intervals, and the well will now be suspended while full laboratory analysis of the cores takes place.
IGas said it expects the results to help determine the next steps in its appraisal process and provide key data to optimise the design of any future programme involving hydraulic fracturing of the Bowland Shale.
The company also said that it has now completed its 3D seismic acquisition on the PEDL 139/140 site on behalf of its joint venture partners, Total E&P UK Limited, Egdon Resources PLC, Dart Energy and eCorp.
IGas said it will now appraise the results with a view to site selection, before preparing both an Environmental Risk Assessment and subsequently a full Environmental Impact Assessment for the identified exploration well.
Finally, the company said it is now in the process of implementing a programme to acquire 100 kilometres squared worth of 3D seismic data in its North West blocks with a view to firming up several potential exploration and development sites in the area, prior to the drilling of its next well.
IGas Energy shares were down 2.8% to 117.60 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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