IGas Energy Plc (IGAS), a U.K. developer of coal-bed methane and shale gas fields, has appointed the investment bank Greenhill & Co. (GHL:US) to help find an investor in a U.K. shale discovery.
The announcement marks the beginning of a formal process to sell part of IGas’s stake in the Bowland Shale prospect in northwest England in the next four to five months. The company also reiterated that it has the potential to double its estimate of gas in place of 4.6 trillion cubic feet, it said in a statement in London.
“We have already received a number of expressions of interest from world-class companies to partner with us for what looks to be a highly significant opportunity,” IGas Chief Executive Officer Andrew Austin said in the statement.
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