INEOS Shale acquires UK onshore shale licence interests from Total E&P Limited
INEOS Shale has acquired Total’s entire 40% interest in PEDLs 139 & 140, and a 30% interest in PEDL 273, 305 & 316 (being 60% of Total’s current 50% holding).
Ron Coyle, CEO of INEOS Shale, said: “Our acquisition of these assets represents an important development for INEOS Shale and demonstrates our ongoing commitment to this important new industry which we believe can bring much needed jobs and investment to the economy.”
INEOS Shale, the onshore division of INEOS upstream, has completed the acquisition of Total E&P Limited’s onshore exploratory licence portfolio, less a 20% stake in three 14th Round licence awards that Total will retain. The transaction includes 100% of Total’s participating interest in PEDLs 139 and 140, and 60% of its interest in in PEDLs 273, 305 and 316. Increasing the total acreage held by INEOS under licence to more than 1.325macres. Total has also transferred to INEOS its option to farm-in to PEDL 209.
Following completion of the acquisition the new equity interests are outlined below:
| Licence | Region | Equity acquired | Equity interests post transaction | Operator |
|---|---|---|---|---|
|
PEDL 139 |
North Nottinghamshire |
40% |
INEOS 40%, IGas 32%, Egdon 14.5%, ECorp 13.5% |
IGas |
|
PEDL 140 |
North Nottinghamshire |
40% |
INEOS 40%, IGas 32%, Egdon 14.5%, Ecorp 13.5% |
IGas |
|
PEDL 273 |
Yorkshire |
30% |
IGas 35%, INEOS 30%, Total 20%, Egdon 15% |
IGas |
|
PEDL 305 |
Yorkshire |
30% |
IGas 35%, INEOS 30%, Total 20%, Egdon 15% |
IGas |
|
PEDL 316 |
Lincolnshire |
30% |
IGas 35%, INEOS 30%, Total 20%, Egdon 15% |
IGas |
Ron Coyle, CEO at INEOS Shale, said: “Our acquisition of these assets represents an important development for INEOS Shale and demonstrates our ongoing commitment to this important industry. Shale gas represents an exciting opportunity for the UK, and has the real potential to bring much needed jobs and investment to local communities. The continuing growth of INEOS’s portfolio of licences means we will be at the very forefront of this transformational industry”.
ENDS
Media contacts
Richard Longden (INEOS)0041 21 627 7063 or 0041 7996 26123
Andrew McLachlan (Media Zoo)020 7384 6980 or 07931 377162
Joseph Wade (Media Zoo)020 7284 6980 or 07758 074576
INEOS Licences map with acquired interests from TOTAL
