IGas Energy Completes Acquisition of Star Energy

Coal-bed methane venturer IGas Energy has completed the acquisition of Star Energy Group, Britain’s second-biggest onshore oil and gas group.

In the deal announced in September, IGas agreed to pay £110m ($170m) for the production assets of Star Energy, a subsidiary of Malaysia’s Petronas, in the Weald Basin near England’s south coast and in the east Midlands.

IGas says that Star Energy produced more than 2,500boepd in 2011, with 1,500boepd of 2012 oil production profile pre-sold for 2012. IGas will also provide Petronas with its first 150 billion cubic feet of gas at market derived rates. 

CEO of IGas Energy, Andrew Austin, said that the acquisition was one part of a "transformational" year for IGas.

"2011 has been a transformational year for our company," he said. "Taking full control of our unconventional assets earlier in the year and now the acquisition of Star Energy has consolidated our position as a substantial onshore oil and gas company with an extremely exciting future ahead of us."