IGas has received the necessary regulatory approval to become the operator and sole owner of its licenses.
This follows an announcement on January 31, 2011 of the signing of an agreement with Nexen Petroleum UK Limited, a wholly owned subsidiary of Nexen, to acquire the entire issued share capital of Nexen Exploration UK Limited, resulting in IGas becoming the operator and sole owner of each of its licenses. The announcement specified that the acquisition was conditional, inter alia, upon an approval of change of control by the Department of Energy and Climate Change and approval by IGas shareholders.
IGas has been informed that the Secretary of State for Energy & Climate Change, does not intend to exercise his powers under the relevant model clauses incorporated in the licenses held by Nexen Exploration U.K. Limited to revoke any of these licenses or to seek any further changes of control of Nexen Exploration U.K. Limited following its acquisition by IGas Energy plc.
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