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Geothermal is part of the Green Revolution.
I anticipate, in due course, disposal of the hydrocarbons businesses & a 100% focus on Geothermal.
This process will transform IGAS from a pariah of the investment community to one of its poster boys.
The share price will bask in the reflected glory.
Incidentally, initial consideration of £500K satisfied by issue of 2,222,223 shares = 22.5p per share. Take note!
Yeah I noticed that premium to the current SP.
Very good diversify into a growing renewable technology. Smart move by IGas short term and long term.
Good move by the comanpany.
Oilman Jim's take on it.
"IGas (IGAS) announced the acquisition of a geothermal energy business with a district heating project in Stoke-on-Trent. There is big money now in the renewable energy sector, not so much from the commercial aspect, but rather the huge government subsidies. IGAS sees this transaction as an entry point to a fast emerging sector that through the energy transition could result in it seeing significant growth. Given its other assets, it doesn’t look expensive at a £16 million market cap."
That's not going to happen. The name of the company is "I-GAS". Now, they might switch partially to biogas though, using the geothermal energy and Anaerobic digesters' . Digesters produce more yield if you get the tempetature right. It just so happens that the temperature required is around the same as you'd get from a geothermal heat source and that means, as long as the organic matter / biowaste is available, the ultimate yield of ANY well would be effectively INFINITE. https://youtu.be/hm9SRK22ccg
If they can set up this geothermal-anerobic-biogas system in ANY well, even the duds will be profitable eventually. Politics doesn't matter if you are slowly taking heat from the mantle, without requiring high pressure injections or using chemicals that freak irrational activists and no-nothing politicians out.
Igas could generate CH3OCH3 directly, rather than convert methane to DME if they partner with an appropriate biofuel company.
https://en.wikipedia.org/wiki/Dimethyl_ether#From_biomass
https://en.wikipedia.org/wiki/Lignocellulosic_biomass
https://www.crops4energy.co.uk/switchgrass/
https://www.crops4energy.co.uk/kevin-lindegaard-calls-on-defra-to-include-willow-miscanthus-in-the-environmental-land-management-scheme-elms/
https://www.crops4energy.co.uk/project-management/
https://www.gov.uk/guidance/combined-heat-and-power
https://www.alibaba.com/showroom/dimethyl-ether-prices.html
https://en.wikipedia.org/wiki/Dimethyl_ether
http://www.digitaljournal.com/pr/4813208