Igas Energy PLC Glentworth Development Planning Permission Granted (4687W)

TIDMIGAS

RNS Number : 4687W

Igas Energy PLC

17 April 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

17 April 2023

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

Planning Permission Granted for Glentworth Development

IGas is pleased to announce that Lincolnshire County Council has granted planning consent for its Glentworth development.

The development is for an initial appraisal well and up to six horizontal development wells in Phase II.

Phase I has the potential to add c.200 bbls/d and development of c.1.0 mmstb 2P reserves (currently 2P undeveloped). If phase I is successful, this will be followed by further development drilling in subsequent years with the subsequent development having the potential to add an additional 500bbls/d and the addition of c.2mmstb 2P reserves from 2C. Phase I of the project has a mid-case NPV of GBP17.5 million.

Environmental permit applications associated with the project, and required before operations can commence, have been submitted to the Environment Agency.

Commenting Chris Hopkinson, IGas Interim Executive Chairman, said:

"I am pleased that the Committee has made this positive determination following the recommendation by the Planning Officer .

It is important to recognise the continuing role of fossil fuels in providing for UK energy needs during the transition to a low carbon economy and developing indigenous resources is an important part of the UK's future energy security.

This will help us deliver on our strategy of pursuing lower risk, infill opportunities, bolstering our oil production whilst we invest in growing our market leading geothermal business. "

For further information please contact:

IGas Energy plc Tel: [phone]

Ann-marie Wilkinson, Chief Communications Officer

   Investec Bank plc (NOMAD and Joint Corporate Broker)     Tel: [phone] 

Virginia Bull/Chris Sim

   Canaccord Genuity (Joint Corporate Broker)                           Tel: [phone] 

Henry Fitzgerald-O'Connor/James Asensio

Vigo Consulting Tel: [phone]

Patrick d'Ancona/Finlay Thomson/Kendall Hill

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April 17, 2023 08:44 ET (12:44 GMT)