IGas, Britain’s largest shale gas explorer, is planning to drill its third exploratory well in the northwest of England next month.
The decision to drill comes as the UK pins its hopes on shale gas extraction to quench growing dependence on gas imports – however unfavourable regulation and local resistance is hampering these ambitions.
IGad is expected to publish estimates of shale gas volume within its East Midlands acreage and first test results from its Barton Moss well after Oct. 28.
The company, which is in the final stages of taking over rival Dart Energy, saw shares bump 1% higher at 78.9 pence at 0717 GMT following the welcome news.
The shale gas company also said on Thursday it had teamed up with a number of partners to submit bids for various new shale gas licences in Britain’s ongoing tender, which closes at the end of the month.