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IGas announced plans for a new site, within its conventional portfolio, and the drilling of up to two exploration and appraisal wells in the Weald Basin.
The initial well would explore and evaluate the resource potential of both the Portland Sandstones and the Kimmeridge Micrites.
Recent technical studies by the IGas team had concluded that the Kimmeridge Micrites had the potential for 'significant' resources of about 300m barrels of oil in place within PEDL 235 in the Weald Basin, the company said.
'As announced at the AGM in May 2019, we have been actively seeking sites that can appraise both the Kimmeridge Micrites and Portland Sandstones from a single well,' the company said.
'Now, in conjunction with our own technical studies, and data from the discoveries in the Weald basin at Horse Hill, we are excited to be bringing forward up to two exploration/appraisal wells and production tests with the potential to unlock significant recoverable resources at a new site in the Weald Basin.'
'We estimate hydrocarbon in place volumes of c.300 million barrels which have the potential to add significant value to the Company and our shareholders.'
At 9:11am: (LON:IGAS) Igas Energy PLC share price was +0.5p at 57p