The company said that these shales are understood to be hydrocarbon bearing as they have been locally demonstrated to be the source rock for hydrocarbons in the Liverpool Bay area. Total Organic Content (TOC) has been measured to range from below 0.7% to over 5% with an average in the Holywell shales of around 2.1%.
IGas Energy has now identified independent consultants to review the hydrocarbon potential of these shales and their potential to produce gas and will be reporting on the results once this work is complete.
In addition, IGas Energy has published a revised Competent Person Report (CPR) in which the overall Gas initially in place (GIIP) at Point of Ayr increases in the mid case from 3,558Bcf by 7.5% to 3,823Bcf.
Andrew Austin, CEO of IGas Energy, said: “This continuing work on understanding the full potential of our acreage to deliver gas once again gives us greater confidence in the resources we hold. The potential of delivering Shale gas is particularly exciting, as this sector has seen significant growth in North America and increased interest across continental Europe.
“The revised CPR also gives us greater confidence in the size of the resource and once again shows the value of the extensive data set we hold.”
