IGas: Barton Site Development In Line With Expectations

UK-based IGas said that the exploration-drilling programme at Barton site is in line with plans, explaining that the result is partly related to ‘extensive community engagement.’

In its interim results for the six months ended 30 September 2013, IGas reported a 8.3% increase of the revenues to £36.2 million.

“We have had a productive six months across the business with our exploration well underway at Barton, demonstrable progress on our Chase the Barrels initiative and the acquisition of Caithness. It remains our priority to engage with local communities as fully as possible to ensure we maintain our social licence to operate," IGas CEO Andrew Austin commented in a note released on Tuesday. 

IGas, which achieved a ‘successful listing of Bond on Oslo main market’ earlier this year, reported a 5% net debt increase to £81.3 million.  

According to the company, the Groups’ balance sheet has been strengthened during the period. Net assets increased by £10.6m to £69.7m (31 March 2013: £59.1m) and non-current assets remained broadly constant at £230.7m compared to 31 March 2013.

‘There are a number of stranded gas monetisation projects that are being evaluated including Albury. Planning permission was granted earlier this year for a change of use for the Albury site, including the installation of a Liquefied Natural Gas (LNG) plant. This will allow natural gas production from the site to be compressed into LNG for transportation off-site,’ adds the note.

IGas, one of the main players in the UK’s shale gas industry, is optimistic about industry and regulatory backdrop. 

‘During the period, IGas, alongside the industry and Government have made significant progress in developing the regulatory and associated framework to support shale gas development. The Government has now put its full support behind shale gas and there is a broad cross party consensus in favour of its development in Britain,’ reads the note.