Gas boss hails shale

THE boss of gas producer Igas says momentum is building for fracking in the UK, as the firm posted halfyear sales of £21.1m but swung to a £1.2m loss.

Igas produces around 2,300 barrels of oil and gas per day from conventional onshore wells, and plans to drill for shale gas in the East Midlands. Chief executive Stephen Bowler said: ‘Momentum in the UK shale industry continues to build.

‘We are making good progress on production projects and as cash generation continues to improve, given the higher oil price, we will be able to invest back into the business.’