Igas Energy PLC Agreement signed with CeraPhi Energy (9288L)
September 16 2021 - 2:00AM
UK Regulatory
TIDMIGAS
RNS Number : 9288L
Igas Energy PLC
16 September 2021
16 September 2021
IGas Energy plc (AIM: IGAS) ("IGas" or "the Company")
Agreement signed with CeraPhi for repurposing onshore assets for
geothermal energy
IGas is pleased to announce that it has agreed a Heads of Terms
(HoT) with CeraPhi Energy, a specialist in repurposing oil and gas
assets for geothermal energy.
IGas and CeraPhi will jointly develop geothermal energy projects
utilising specific wells in IGas's asset portfolio.
The first project will be sited in the Lincoln area on one of
IGas's existing sites. The development will capitalise on IGas's
deep local knowledge, surface infrastructure and existing wells and
CeraPhi's patented technology, CeraPhiWell, a closed loop downhole
heat exchanger.
This pathfinder project will be used to demonstrate the
commercial potential for geothermal energy production from
repurposing existing oil and gas assets for direct heat for
agriculture, residential heating and cooling, and the development
of hybrid energy systems generating both heat and power.
Commenting Stephen Bowler, IGas CEO, said:
"The signing of the agreement with CeraPhi is another important
step in IGas's drive to diversify its operations, adding to the
ongoing work on hydrogen production and carbon storage and
bolstering our established geothermal offering.
As local authorities and other large-scale users of heat
transition away from fossil fuels we are receiving an increasing
number of enquiries looking to geothermal as a solution and through
this growing pipeline of development opportunities, IGas is
well-positioned to deliver a solution to the long-term
decarbonisation for heat in the UK."
Karl Farrow, CeraPhi Energy, CEO said:
"The repurposing of oil and gas wells to access subsurface
thermal heat to produce baseload clean energy has to become a
primary step to developing a wider appreciation of what geothermal
can provide us. This agreement with IGas is yet another
demonstration of the energy transition harnessing existing skills
and expertise that we have in the UK to support a net zero
target."
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970
Sara Hale/Jeremy Ellis/Virginia Bull
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Consulting Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Chris McMahon/Kendall Hill
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END
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