IGas Energy preparing to drill two further wells in Bowland Shale

26th Apr 2013 13:51

AIM-listed onshore hydrocarbon producer IGas Energy intends to drill two additional wells commencing this year so as to further appraise potential resources in the Bowland Shale, an area in northwest England home to large quantities of shale rock. Shale rock can contain large volumes of natural gas, a key source of energy. The company said it had conducted an extensive evaluation programme of the shale potential in its North-west licences, involving detailed seismic analysis, basin modelling and extensive petrophysical and geomechanical studies using data from existing wells across the North west. Based on the results of these studies, it said that a reservoir model of the Bowland Shale had been constructed and was being populated to assist planning of future activity and integration of new data. One of the key outputs from this work, apart from firming up the appraisal well locations, is to be an updated risked estimate of total gas in place across its North-west licences, the company added. IGas Energy's share price was up 9.49% to 75p at 14:16 on Friday.MF