UK-focused Companies Move On With Plans

UK-focused companies registered some minor achievements in the last hours, following the open endorsement by the wobbly government in the last weeks.  

iGas and Australia’s Dart Energy moved closer to team up for joint exploration of unconventional hydrocarbons in the United Kingdom. The companies confirmed that iGas’ acquisition of Dart Energy should go through in September.

‘In relation to the recommended acquisition of IGas Energy Plc and Dart Energy Limited as announced on 9 May 2014 by way of Scheme of Arrangement, the parties are please to confirm that IGas has now finalised its due diligence investigations in respect of Dart and is satisfied with the outcome of that due diligence, such that it has not invoked the due diligence condition,’ reads a note released on Friday.

A few hours before, Cuadrilla Resources had confirmed it submitted a planning application to Lancashire County Council for its proposed Preston New Road shale gas exploration site.

‘The proposal covers the works required to drill, hydraulically fracture and test the flow of gas from up to four exploration wells on the site,’ the company said in a communiqué released on Thursday, adding that it would soon do the same for Roseacre Wood, another proposed shale gas exploration site.

Also on Thursday, Edgon Resources reported steps forward.

‘Egdon Resources plc notes the announcement today by Europa oil and gas that the Wressle-1 well on licence PEDL 180 will spud in July 2014 at which point the Company will provide a further update. Egdon has a 25% interest in, and is operator of PEDL 180. Egdon also notes the resource assessment announced today by Union Jack Oil plc in respect of the northern parts of PEDL 201. Egdon has a 32.50% interest in, and is operator of PEDL 201,’ the company wrote on its website.