Ineos (Rolle / Switzerland; www.ineos.com) in early May completed the takeover of several shale gas licenses in England from IGas Energy (London / UK; www.igasplc.com). The GBP 30m (about EUR 42m) deal was first announced in March this year (see Plasteurope.com of 12.03.2015) and makes the Swiss company the UK’s third largest shale gas player.

The agreement gives Ineos a 50% stake in seven IGas shale gas licenses in the Northwest of England, also known as the Bowland licenses, as well as a 50% stake in Petroleum & Development Licenses (PEDLs) 147, 184, 189 and 190. In addition, Ineos holds a 60% interest in PEDLs 145, 193 and EXL273. The Swiss group now also owns 100% of PEDL 133, where its Grangemouth refinery is located. The company said it would assume operations of the last four licenses in phases. Ineos also has the option of acquiring a 20% stake in two East Midland shale gas licenses, PEDLs 012 and 200.

Commenting on the purchase, Ineos Upstream CEO Gary Haywood said, “We are very pleased to have completed this deal and will now work to integrate these assets into the Ineos Upstream portfolio.” The company is also funding a two-phase work programme of up to GBP 138m to develop the sites.

Meanwhile, media reports state that following the deal, IGas CEO Andrew Austin will step down and be replaced by CFO Stephen Bowler. When announcing his resignation, Austin reportedly said "the transaction with Ineos means that the company is entering a new phase of execution, well-funded by its partners and with a stable production base."