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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  IGAS Energy PLC       GB00B29PWM59

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IGAS ENERGY ORD 50P : DG-3 Spudded at Doe Green

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07/19/2011 | 11:01am CEST

19 July 2011

IGAS ENERGY PLC(“IGas” or “the Company”)DG-3 Spudded at Doe Green

Following the recent announcement about commencement of site construction, IGas Energy, a domestic gas producer and leading developer of resources in the UK, is pleased to announce that it has spud its third well at Doe Green (DG-3). This well is being drilled with

the BDF Rig 28.

The Doe Green site located between Warrington and Widnes has steadily produced gas and generated electricity for over two years from a pilot well, DG-2.

DG-3 will be the first well drilled under the Company’s accelerated drilling programme .The company will update the market on the results of drilling and other activity under the program over the coming weeks and months.

For further information please contact:

IGas Energy Plc

Andrew Austin,CEO

Tel: +44 (0)20 7993 9901

RBS Hoare Govett

Stephen Bowler/ Jamie Buckland

Tel: +44 (0)20 7085 5000

Kreab Gavin Anderson

Ken Cronin/ Kate Hill/ Anthony Hughes

Tel: +44 (0)20 7074 1800

border=1>Notes to editors

IGas Energy produces and markets domestically sourced gas, primarily from coal bed methane (CBM). It is currently focussed on delivering commercial CBM production through an accelerated development programme.

IGas Energy has licences to extract hydrocarbons across the north of Wales and the north of England, covering an area of 1,756km² (equivalent to approximately 434,000 acres). IGas is the operator and sole owner of each of its licences.

IGas’s unique position offers more than 1.7 Trillion Cubic Feet (Tcf) of technically recoverable gas (equivalent to 290 million barrels of oil) with customers located conveniently close to its operations, which includes the national gas network. IGas is therefore in a strong position to secure optimum gas prices from its production and to contribute to the UK’s security of supply.

Further technical and quantitative information can be found on our website:

www.igasplc.com
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Financials ( GBP)
Sales 2016 37,0 M
EBIT 2016 2,40 M
Net income 2016 -
Debt 2016 -
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017 -
Capi. / Sales 2016 2,30x
Capi. / Sales 2017 -
Capitalization 85,0 M
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 1,60  GBP
Spread / Average Target 129%
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Managers
NameTitle
Stephen D. Bowler Chief Executive Officer & Executive Director
Robert Michael McTighe Chairman
Julian Tedder Chief Financial Officer
John Blaymires Chief Operating Officer
Cuthbert John McDowell Independent Non-Executive Director
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