Learn from the past - Provide for the future
Infinity Energy Limited (“Infinity” or “the Company”) has agreed to acquire 26% of Transgas Limited, a company owned by Gerwyn Williams, Infinity Energy’s CEO. As part of that acquisition, the Company has announced that it is currently seeking a listing on the Standard Segment of the Main Market of the London Stock Exchange.
The future of Infinity Energy is as an energy company operating oil and gas fields, making acquisitions of companies and/or licences in that sector and related sectors, to operate those assets, to produce hydrocarbons and to generate electricity from gas produced.
The change from petrol and diesel engine cars to electric vehicles will accelerate in the not too distant future and the demand for electricity will increase rapidly to cope with charging these vehicles. The Board’s view is that a change to renewable and nuclear energy is necessary in the future but a period of change will necessitate higher levels of gas generation as coal and oil generating stations are phased out throughout Europe. As part of the bridging process towards lower emission energy, we must learn to integrate new renewable electricity generation projects with onshore gas production areas.
Heavy industries such as steel making plants cannot work on electricity supplies from renewable sources alone due to the cyclic nature of those sources such as wind, solar and tidal. High volumes of gas are consumed in many manufacturing processes for combustion as well as a feedstock. Many homes utilise gas for heating and cooking, this situation is not going to change overnight and any change over to electricity will result in a greater demand for a base fuel to supply the extra generating capacity that will be required. If there is a change from gas heating and cooking to electric heating and cooking then the fall in efficiency due to that conversion has to be taken into account when considering emissions.
The Board is acutely aware of the high level of operating costs onshore in the UK and is working on systems to control and minimise that cost basis while lowering exploration risk and retaining the highest safety and environmental standards. The general philosophy is that smaller scale, lower cost, and more efficient well sites will operate in a far more economic and less offensive manner than very high cost, large scale wells developed using the typical offshore mentality that has commonly been adopted onshore in the UK to date.