Monday, 11 Jul 2011
UK coal bed methane explorer IGas Energy Plc said the gas can make a material contribution to Britain’s energy supply.
The company has signed a second rig contract for its Doe Green site in northwest England, in an attempt to produce commercial quantities of natural gas found in seams of coal.
IGas said that it has enough reserves to supply 15% of UK homes with electricity for 15 years.
Mr Andrew Austin CEO said that “It could become a material part of the mix in the UK. Within the next couple of years, we should be able to demonstrate that we can produce positive earnings on projects.”
The company also has shale gas acreage, though Mr Austin said it will focus on production from coal beds first because the environmental impact is lower.
The London-based explorer is seeking to show it can produce gas at commercial rates after completing pilot projects.
(sourced from Bloomberg)
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