4th Nov 2014 08:52
LONDON (Alliance News) - IGas Energy PLC Tuesday published the results for the Barton Moss exploration well and said it would revise its shale gas initially in place estimates for the group following the acquisition of Dart Energy Ltd.
IGas said the Barton Moss well encountered 15 gas-bearing coal seams, in accordance with its pre-drill forecast. In addition, the well found a Namurian Shale section, it said.
The company said the total organic carbon analysis for Barton Moss showed values of up to 5.7% with an average of around 1.9%.
IGas also revised its GIIP for its shale gas position in light of the Dart Energy acquisition. It changed its high forecast for its net estimate to 263 trillion cubic feet of gas and its gross forecast to 352 trillion cubic feet.
IGas said it is planning to commission a separate report for the combined group and expects this to be made available in the first half of next year.
Elsewhere, Trap Oil Group PLC said it has sold its remaining shares in IGas for GBP1.9 million, or 82 pence per IGas share.
Shares in IGas were up 0.7% to 77 pence in early trade Tuesday, while shares in Trap Oil surged on the news of the sale, rising 25% to 4.065 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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