IGas said its proven reserves in the country grew 30 percent to 7.9 million barrels of oil equivalent from Jan. 1, 2012 to June 30, 2012. This year, it said its studies of a shale reserve area in the northwest of the country indicated a potential for around 170 trillion cubic feet of natural gas.
IGas said it conducted an analysis of some 20 wells in a 300-square-mile area where it is the exclusive license owner. The estimate of 170 trillion cubic feet was the high-end assessment from the Bowland Shale license area. The low end was around 15 trillion cubic feet of natural gas.
"Our conventional production has remained strong and IGas has firmly positioned itself at the heart of Britain's shale revolution, which has now been recognized by both government and industry as having a potentially major impact on the country," Chief Executive Officer Andrew Austin said in a statement Wednesday.
The British government last year lifted a ban on hydraulic fracturing, known also as fracking, and enacted a risk-control measure based on a "traffic light" system. The exploration technique was suspended briefly in 2011 when small tremors were reported near drilling areas.