Igas Energy PLC Response to Govt. Statement re Shale Moratorium (8130Y)
September 08 2022 - 8:18AM
UK Regulatory
TIDMIGAS
RNS Number : 8130Y
Igas Energy PLC
08 September 2022
8 September 2022
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Response to Government Statement Re: Shale Moratorium
IGas welcomes the Government's statement today on the lifting of
the effective moratorium on hydraulic fracturing in England and the
review of energy regulation.
We have always believed the science, as well as the need for
increased domestic production of gas, supports a lifting of the
moratorium.
The data that we have collected in the Gainsborough Trough over
the past five years shows that we have a world class shale gas
resource which is now, given the energy crisis, a strategic
national asset.
The development of IGas' shale gas assets has the potential to
provide secure and affordable energy for the UK in the near term,
helping to decouple the UK from volatile and competitive
international gas markets. Aside from the clear benefits in job
creation and balance of payments through producing indigenous
natural gas, we will support local communities with a comprehensive
benefit package.
The accelerated development of this strategic natural resource,
which we believe is imperative in helping with the ongoing energy
and cost-of-living crisis, can only be achieved through a
streamlined regulatory process, something the Government has
committed to today. To this end, we look forward to working
constructively with the new administration.
Commenting Stephen Bowler, IGas CEO said:
"What has become even more evident in the past few months, given
the heightened challenges of the terrible war in Ukraine, is the
need for the UK to secure further indigenous supplies of energy to
reduce its reliance on imports and reduce spiralling energy
prices.
As well as improving our energy security the development of
shale gas in the UK would reduce our carbon footprint, increase tax
take, provide tens of thousands of well-paid, highly skilled jobs,
a chance to reverse our balance of payment deficit and a means to
level up the UK economy.
Recent polling by YouGov has shown that, as the cost-of-living
crisis bites, local people support shale development where it can
bring real benefit to their community in reducing bills. We will
work together with local communities to deliver this much needed
resource in the near term and demonstrate that it can be done
safely."
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
Virginia Bull/Jeremy Ellis
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/Finlay Thomson/Kendall Hill
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END
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