IGas Seeks Bowland Shale "Farm-In" Partner

IGas Energy has announced that it has begun the process of farming out an interest in the Bowland Shale prospect in the UK, in a bid to expedite the speed of progress on the asset.

In a statement released today, the company said that it had appointed investment bank Greenhills to locate a partner for the project, on which the company already has one well, the Ince Marshes well. Independent estimates put the potential reserves of the prospect at 4.6 trillion cubic feet of gas-initially-in-place; this estimate could double following the results of the Ince Marshes well, the company has said.

Currently IGas is the operator and 100 per cent shareholder for the Ince Marshes licence. It did not divulge today what percentage of this stake was on offer for a potential "farm-in" partner.

CEO of IGas Andrew Austin said the Bowland Shale had already received much attention within the industry, with a number of partnering enquiries already made.

"The Bowland Shale offers a considerable addition to our existing conventional and unconventional resources and its potential materiality represents an opportunity for both the company and future partners," he said.

"We have already received a number of expressions of interest from world-class companies to partner with us for what looks to be a highly significant opportunity. We will now move forward and find the right partner with the appropriate complementary skills and resources to work with us during this exciting project."

The company expects the farm-out to be completed within four or five months.

Related Reading: IGas' Shale Estimates on Ince Marshes to Potentially Double