Annual Financial Report

RNS Number : 1601U

Island Gas Resources PLC

19 June 2009

 



Island Gas Resources plc

('IGas' or 'the Company')

Posting of Annual Report and Accounts Notice of Annual General Meeting

Island Gas Resources, a leading coal bed methane developer in the UK producing North Sea quality gas from virgin coal seams, today announces that it has posted to shareholders the Annual Report and Accounts for the year ended 31 December 2008 together with the Notice of the Annual General Meeting to be held at 10:00am on 10 July 2009 at: 85 Strand London, WC2R 0DW

Copies of the Annual Report and Accounts are available on the Company's website at: www.igasplc.com 

For further information please contact:

Island Gas	Tel:    [phone]
Andrew Austin Chief Executive Officer
Kreab Gavin Anderson	Tel:    [phone]
Anthony Hughes
Kate Hill
Cenkos Securities	Tel: [phone]
Jon Fitzpatrick

 Notes to Editors:

Island Gas Resources plc ('IGAS.L')

Founded in 2003, the Company's subsidiary, Island Gas Limited, was set up to produce and market the methane gas which is found in seams of coal. The coal seam both generates and traps the gas, which can be extracted by drilling horizontally into the seam and collected for use as fuel. CBM is exactly the same as other forms of natural gas, and is used to provide both industrial and domestic power and has the potential to be an important new source of energy for the UK. The CBM industry in the UK is in its infancy, but with the continuing decline in natural gas reserves from the North Sea, it is likely to become an increasingly attractive alternative potential source of energy.

CBM has become a significant source of gas both in North America and Australia over a relatively short period of time during which both have seen an almost exponential growth in CBM production. The Group has ownership interests of between 20 and 50 per cent in eleven PEDLs in the UK, wholly owns two methane drainage licences and has a 50 per cent. interest in three offshore blocks under one Seaward Petroleum Production Licence. These licences cover a gross area of approximately 1,656sq. km. In an independent evaluation of its net Contingent Recoverable Resources, DeGolyer and MacNaughton has concluded that IGas has a potentially recoverable resource of up to 733 bcf (3C), which is equivalent to 116 million barrels of oil; as derived from a statistical aggregation of contingent resource ranges calculated on an individual coal seam basis.

For further information please visit www.igasplc.com.

 

END

 

 

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