Today, an independent report estimated Egdon’s UK shale gas licences at around 18 trillion cubic feet of gas, the company announced. This number is considerable, taking into account the fact that a 2013 EIA report estimated all of the UK’s carboniferous shale basins in the North of England and Scotland to hold 25 trillion cubic feet of recoverable gas.
Egdon Resources is one of several companies searching for gas in Britain’s shale and tight rock formations, others being Cuadrilla, iGas, Dart Energy Europe and eCorp Oil & Gas.
The company, which sold a stake in one of its shale gas licences to French oil major Total earlier this year, also said it was continuing to look for acquisition and consolidation opportunities in the sector.
“Given the high level of interest and recent transactions, we expect our UK shale-gas assets to be an increasing near-term value driver for the business,” Egdon Resources chairman, Philip Stephens, said in a statement.
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