IGas Clinches Significant Drilling Capacity with Meehan JV
IGas has entered into a Heads of Agreement to create a commercial joint venture with Meehan Drilling which will immediately give IGas direct access to at least 120 days drilling capacity (rig equipment and personnel) in 2011 and further capacity if required on a preferential basis.
Meehan Drilling has drilled for several operators in the UK and the joint venture specifically involves its Schramm TXD rig. This rig is regularly used in the US for drilling for unconventional gas and has a proven track record of economic delivery of wells.
John Blaymires IGas Chief Operating Officer said, "This joint venture will have significant strategic and tactical importance as the company continues to grow. This joint venture secures for IGas the ability to fulfill the 2011 objective of delivering a commercial production site, while widening the scope of our activity and will be a critical element of the 2012+ delivery capability. This is the first of a number of steps we are taking to advance our plans following the announcement of our planned acquisition of Nexen Exploration UK Ltd."