Igas Energy Completes Drilling at Irlam-1 Well

LONDON--Igas Energy PLC (IGAS.LN), a U.K. producer of onshore hydrocarbons, said Monday it has completed drilling operations on the Irlam-1 well at Barton Moss in Eccles, encountering coal measures at anticipated depths.

MAIN FACTS:

-The well also successfully intersected the secondary target of the Dinantian limestone to calibrate the seismic data and in doing so, the well also found a package comprising the Sabden and Bowland Shale formations.

-Well will now be suspended and demobilization of the rig and equipment will take place.

-IGas is now in the process of implementing a program to acquire 100 km2 of 3-D seismic data in the North West with a view to firming up several potential exploration and development sites in the area, prior to the drilling of the next well.

-In the East Midlands Igas has now completed the 3-D seismic acquisition on PEDL 139/140 on behalf of its joint venture partners, Total E&P U.K. Ltd., Egdon Resources PLC (EDR.LN), Dart Energy and eCorp.

-Shares at 0830 GMT down 3 pence, or 2.69%, at 118 pence valuing the company at 241 million pounds.

-Write to Ian Walker at [e-mail]

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