By Jaime Llinares Taboada
Shares in IGas Energy PLC rose Monday in early trading after it announced a deal with SSE PLC to develop a geothermal district heating project in Stoke-on-Trent, England.
The oil-and-gas company said the memorandum of understanding grants exclusivity to both partners for a period of 12 months, with milestones including an offtake agreement for the geothermal plant.
"Deep geothermal has the potential to become a world leading industry here in the U.K., provide a stable transition away from oil and gas, and help meet the government's net zero ambitions by decarbonizing heat on a mass scale," Chief Executive Stephen Bowler said.
Shares at 0723 GMT were up 16% at 22 pence.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT
(END) Dow Jones Newswires