At its annual general meeting, IGas shareholders approved a motion for the UK-based firm to purchase Dart Energy for £117 million.
The multi-million pound plan would create one of the largest unconventional gas industry players in the UK.
Dart Energy, which has a number of coalbed methane (CBM) projects on the cards throughout the UK, released a statement urging its own shareholders to vote in favour of the IGas merger.
IGas chief executive, Andrew Austin, said “The deal puts the enlarged company at the heart of unlocking Britain’s energy potential. This is a British success story, establishing IGas as a key contributor to UK energy mix and security.”
Dart Energy chief executive, John McGoldrick, said the emergence of the UK’s shale gas and CBM industries could be one of the defining energy market stories of the century. He said: “Success in the oil and gas business comes from scale and the combination of Dart and IGas achieves that scale.”
Written by Sam Dodson
Read the article online at: https://www.worldcoal.com/cbm/08092014/shareholders-vote-in-favour-of-igas-dart-energy-merger-cbm107/