Yeah , it's been a bit of a disaster . On reading the farm-out...

Yeah , it's been a bit of a disaster .

On reading the farm-out again the deal is worse than I thought .

About 18m ago Igas raised £30m for two stratigraphic wells and seismic in the North West of England .

Then they merged with Dart in a deal which valued Dart at something like £100m .

Now , they farm out an interest which is almost equivalent to what Dart brought to the party for £30m , i.e. reimbursement of the well costs and seismic only .

The other expenditure which Ineos are required to make is not a carry . If it reaches production Igas have to reimburse Ineos for fronting their share of the costs .

Sentiment towards U.K. shale has deteriorated . On the plus side Ineos carry some weight and should be better able to deal with spineless poli's who are opposing shale because they think there are votes in doing so .