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The board of IGas signed a heads of terms agreement for the acquisition of P.R. Singleton Ltd. from Providence Resource Plc for $66 million.
On completion, IGas will own 100% of Production License 240, including the Singleton field, which is close to existing IGas assets in the South of England, and 50% of Production License 233, including the Baxter's Copse and Burton Down fields. Current production from the Singleton field is 530bo/d.
The acquisition is expected to be completed by the end of the year.
Andrew Austin, CEO of IGas Energy, commented, "The Singleton field lies between our existing Storrington and Horndean fields in the Weald Basin. We currently sell all the oil produced at Singleton field on behalf of Providence and have a very good understanding of the field given its history. We see considerable upside from the field alongside the additional resources in Baxter's Copse.”