IGas announces an update regarding the SR-01 well at Springs Road in North Nottinghamshire.

Further to their announcement on 15 February 2019, the company have now encountered a hydrocarbon bearing shale sequence of over 250 metres, including the upper and lower Bowland Shale. Significant gas indications were observed throughout the shale section and additionally within sands in the Millstone Grit sequence.   

IGas have now completed this phase of data acquisition which included the recovery of approximately 150m of shale core and an extensive wireline logging program across the Millstone Grit, and Upper and Lower Bowland Shale. Petrophysical and core analysis is currently being conducted, which will give us further insight into the resource potential and shale characterisation that will be utilised for future appraisal and development of the wider East Midlands area.

Having encountered both primary and secondary targets on prognosis IGas are now drilling into the tertiary target, to prove up the potential for multiple hydrocarbon bearing horizons within the Gainsborough Trough.

The analysis of the Tinker Lane core samples is still ongoing.

Commenting, Stephen Bowler, CEO said:
"I am delighted to report that we have recovered high quality hydrocarbon bearing cores at our Springs Road site. The data gathered to date shows that there are significant prospective resources in our East Midlands acreage and is another important step for the UK onshore industry.

There is the potential for the gas beneath our feet to contribute materially to the UK energy needs. Gas is important for our energy requirements, not least because over 80% of the homes across the country are heated by gas. These results come at a time when we are importing more and more gas from overseas and could stimulate investment in the East Midlands basin as well as improving the country's balance of payments."

Ross Pearson, Technical Director of IGas Energy plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement. Mr Pearson has 18 years oil and gas exploration and production experience.

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