UK onshore explorer IGas Energy said it expected to finish core analysis in late Autumn on shale core recovered from its Barton Moss exploration probe in Greater Manchester in north-west England.
The AIM-listed company said the analysis of more than 400 feet of Sabden and Bowland shale from the vertical coal-bed methane and shale probe, along with a full suite of wireline logs, would be used to “further evaluate the prospectivity of both the shale interval as well as the coal measures”.
The explorer also expects the analysis to reveal geomechanical data that could provide play-wide information for optimising hydraulic fracturing design in the Bowland shale.
The company is planning to gather 100 square kilometres of 3D seismic data over its north-western acreage that includes the Barton Moss prospect.
IGas Energy has meanwhile completed 3D seismic at its East Midlands shale patch PEDL 139/140 in the Gainsborough Trough – where Total became the first supermajor to join UK shale earlier this year – ahead of site selection and environmental assessment work on a future exploration well.
The company also announced its annual results for the year to 31 March in which it posted a net profit of £2.3 million ($3.9 million) on revenues of £75.9 million, versus a £6 million loss in the prior year.
Production rose from its conventional oil & gas portfolio to 2783 barrels of oil equivalent per day, in the first full year contribution of the PR Singleton assets it bought from Ireland's Providence Resources last Spring.
Mark Henderson, analyst at Westhouse Securities, said he believed that IGas Energy could eventually be line for acquisition by an international company.
“The IGas investment case is all about a progressive derisking of UK shale, which has very strong government backing, with the ultimate endgame a probable takeover by one of the global majors,” he commented.