Alkane Energy PLC Update on transfer of onshore shale gas business (9256I)
05 Giugno 2014 - 12:01PM
UK Regulatory
TIDMALK TIDMEDR
RNS Number : 9256I
Alkane Energy PLC
05 June 2014
5 June 2014
Alkane Energy plc
("Alkane" or "the Company")
Update on transfer of onshore shale gas business
Alkane Energy plc (AIM: ALK), the independent gas to power
producer, notes the announcement made by Egdon Resources plc
("Egdon") earlier today in which Egdon stated that it is still
awaiting consent from DECC to the proposed transfer of Alkane's
rights over its shale interests in 10 licence areas.
Accordingly, the transaction that was announced on 13 May 2014
is now likely to complete on or around 12 June 2014 rather than 6
June 2014 as originally announced.
For more information please contact:
Alkane Energy plc
Neil O'Brien, Chief Executive
Officer
Steve Goalby, Finance Director 01623 827927
Liberum
Clayton Bush
Tim Graham 020 3100 2000
VSA Capital Limited
Andrew Raca 020 3005 5004
Hudson Sandler
Nick Lyon
Alex Brennan 020 7796 4133
Background information
Alkane is one of the UK's fastest growing independent power
generators. The Company operates mid-sized "gas to power"
electricity plants providing both base load and fast response
capacity to the grid. Following the acquisition of the Wheldale
power response assets, Alkane now has a total of 90MW of installed
generating capacity and an electricity grid capacity of 110MW.
Alkane's base load operations, where power is generated 24/7,
are centred on a portfolio of coal mine methane ("CMM") sites.
Alkane has the UK's leading portfolio of CMM licences, enabling the
Company to extract gas from abandoned coal mines.
As CMM declines at any one site, Alkane retains valuable
generating capacity and a grid connection which can be redeployed
to power response. Power response sites are connected to mains gas
and produce electricity at times of high electrical demand through
peak running, or in order to balance the electricity grid through
participation in the National Grid's short term operating reserve
programme ("STOR"). Participants in STOR are paid premium rates
when called upon by the Grid to meet temporary supply shortages.
Alkane now operates 43MW of power response on mains gas.
The Group operates from 24 mid-size (up to 10MW) power plants
across the UK, 15 CMM only, 6 mains gas only, and 3 using both fuel
sources. Alkane uses standard modular reciprocating engines to
generate the electricity and sells this power through the
electricity network. The engine units and other plant are designed
to be flexible and transportable allowing additional capacity to be
brought onto growing sites and underutilised plant to be moved to
new sites to maximise efficiency.
Alkane has a range of core skills encompassing the entire
project development cycle including planning and permitting,
sourcing plant and managing the build and commissioning stage. This
has enabled Alkane to establish a design, build and operate ("DBO")
business for third party clients in the biogas and oil & gas
industries.
The Group has more than 800km(2) of acreage under various
onshore Petroleum Exploration and Development Licences
("PEDLs").
The licences which are the subject of the transaction with Egdon
include PEDL001, PEDL011, PEDL037, PEDL039, PEDL043, PEDL169 (net
20 per cent), PEDL191, PEDL161-162, PEDL202 and EXL253.
More information is available on our website
www.alkane.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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