Alkane Energy eyes shale gas opportunities as revenue soars
INDEPENDENT power generator Alkane Energy yesterday said it is looking to expand into the shale gas market, as it reported a 17 per cent rise in full-year profits.
The Aim-listed clean tech company said it had commissioned an assessment of shale gas potential across 13 of its licence areas in central-north England last year.
Initial estimates indicate that there is potential for shale gas, so Alkane is now considering undertaking further work on the licences, farm-out agreements or even selling off its interests.
A further update on the board’s strategy will be announced in due course, it said.
Revenue increased by 40 per cent to £20.6m in 2013, while pre-tax profits increased by 17 per cent to £3.4m. It doubled its dividend to 0.2p per share.