22 September 2022
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Response to Government's Written Ministerial Statement on Shale Gas Extraction
IGas welcomes the Government's support and commitment to the timely development of domestic gas as laid out in the Written Ministerial Statement (WMS) released today from the Department of Business, Energy and Industrial Strategy.
We particularly welcome the commitment to "more exploratory sites in order to gather better data and improve the evidence base". IGas looks forward to assisting with this process and will gladly provide the government with its detailed proposals for accelerated development.
The full text of the WMS can be found at https://questions-statements.parliament.uk/written-statements/detail/2022-09-22/hcws295
As we have said before, the development of this strategic natural resource, which we believe is imperative in helping with the ongoing energy and cost-of-living crises, can only be achieved through further streamlining of the regulatory process. We look forward to further engagement with the Government as policy evolves.
Commenting Chris Hopkinson, IGas Interim Executive Chairman said:
"This is a significant statement from Government and we welcome the commitment to pursue secure and affordable supplies of domestic energy.
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."
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Chris Hopkinson, Interim Executive Chairman
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/Chris Sim
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