Shale gas explorer IGas backs fracking
SHALE gas explorer IGas says fracking will help secure Britain’s energy needs as it prepares to drill either side of the Pennines next year.
The AIM-listed company, which has agreed to buy rival Dart Energy in a deal to create a “British national energy champion” with a market value close to £400million, will drill one site in the East Midlands and one in the North-west subject to permits.
These sites could be connected up to the gas grid to supply fuel to thousands of homes.
IGas posted an 11 per cent jump in annual revenue to £75.9million with earnings before interest up £2million to £34.3million
Hydraulic fracturing has been criticised by environmental groups but IGas chairman Francis Gugen noted a 38 per cent drop in North Sea oil and gas output over the past three years and said Britain is set to rely on imports to meet 70 per cent of its gas needs by 2020.
He added: “The vulnerability of energy supplies has been exposed by international political unrest. There is a need for solutions and we believe we have successfully positioned IGas to be part of the solution.”
IGas posted an 11 per cent jump in annual revenue to £75.9million with earnings before interest up £2million to £34.3million.
