IGas is a young, dynamic company that has, in seven years as a listed entity, built a portfolio of licences to become the UK’s leading operator of onshore oil and gas in Britain.
Heritage of onshore oil and gas in the UK
Oil and gas has been produced both onshore and offshore in Britain since 1851. The onshore oil industry gathered pace during the Second World War, when importing energy supplies from overseas was particularly difficult. Since then, Britain has benefited from over 2,000 onshore sites in communities across Britain, producing oil and gas for the UK economy. One of those is Europe’s largest known onshore oil and gas field at Wytch Farm in Dorset. Set in one of the most environmentally-sensitive areas of Britain, it produces ca.16,000 barrels of oil a day.
Today, IGas is building on Britain’s heritage and operates the largest number of onshore oil and gas fields in Britain. Oil and gas has been safely explored, developed and produced at our sites for over 30 years, and we continue to unlock Britain’s untapped energy potential to deliver economic benefits, energy security and jobs for communities across the UK.
IGas Offered New Blocks in Second Tranche of the 14th Onshore Licensing Round
Julian Tedder appointed as Chief Financial Officer, with effect from 28th September 2015
Stephen Bowler appointed as Chief Executive Officer.
Completion of Farm-out with INEOS Upstream
Completed the acquisition of Dart Energy Ltd
Post year end proposed acquistion of Dart Energy Limited valuing the total share capital of Dart, on announcement, at approximately A$211.5m on a fully diluted basis (being equivalent to £117.1m).
Completed Farm-out Agreement with Total E&P UK Limited
We signed a farm-out agreement with Total E&P UK Limited, under which Total E&P UK Limited will acquire a 40% interest in PEDL139 and PEDL140. Total will fund a fully carried work programme of up to $46.5m with a minimum commitment of $19.5m. IGas was appointed operator on the Licences with an increase in equity interest to 14.5%
Completed the acquisiton of Caithness Oil Limited
We announced the arrangement of a USD30 million senior unsecured bond issue
Bond listing effective on the main market of the Oslo Stock Exchange
We entered into a Heads of Agreement with Caithness Petroleum Limited to acquire Caithness Oil Limited, its UK subsidiary
We announced our revised estimates of Shale Gas in place of our North West licences of up to ca.170Tcf
We announced the arrangement of a five-year, USD165 million senior secured bond issue
Completed acquisition of PR Singleton from Providence Resources plc
We raised £23.1m through a Placing of shares to instutional investors
We signed a Heads of Terms Agreement with Providence Resources plc to acquire one of Providence Resources' subsidiary companies, PR Singleton Limited. The transaction will see IGas acquiring 100% of production licence PL240 and 50% of PEDL 233 Baxter's Copse
We finalised the acquisition of Star Energy
Construction begins at Doe Green 3
We signed an agreement with Nexen Petroleum UK Limited to acquire Nexen Exploration UK limited, making our Group the operator and sole owner of all our licences
We raised £20.6m through a Placing of shares to institutional investors
Commencement of drilling at Keele University
We raised £13.75m through a Placing
We increased equity ownership of acreage in Swallowcroft through a farm up agreement with Nexen from 20 percent to 35 percent
We raised £3.5m through a Placing
We started commercial sales of electricity generated from CBM
We generated first electricity from CBM in the UK with development plan for a second field approved
We received approval for a field development plan for our Doe Green site
Equipoise Solutions assessed land awarded in the 13th Licensing Round, 74% increase in Gas Initially In Place
Our framework agreement with Peel Environment Ltd gave us access to coal bed methane production sites within Peel's land holdings in the North West
We raised £2.1m through a Placing
We were awarded PEDL 193, PEDL 184 and PEDL 190 by the secretary of state in the 13th onshore Licensing Round
We listed on the AIM section of the London Stock Exchange
We were set up to produce and market domestically-sourced gas, primarily using coal bed methane (CBM), and were incorporated in the UK