IGas Energy jumps on Ineos deal

10th Mar 2015 12:09

IGas Energy, Britain's biggest shale gas developer, has secured a £30m shale gas deal with Switzerland-based petrochemical and refining company Ineos.The agreement will see IGas' list of partners grow and will give Ineos, which has committed to invest up to £138m to develop shale gas fields across England, access to shale sites outside of Scotland."Ineos's commitment of upfront cash and considerable capital investment will help fund us through the next steps of our shale appraisal and production programme," said IGas chief executive Andrew Austin in a statement.Last year Ineos unveiled plans to invest £660m in shale gas exploration in Britain, while IGas has previously signed farm-out agreements with France-based energy groups Total and GDF Suez, gaining just under £190m in investment from partners.IGas shares jumped 19.06% to 28.58p at 12:38 on Tuesday.